KARACHI: Pakistan stocks fell by 567 points on Tuesday due to lackluster interest of investors after reports of new demands by the International Monetary Fund (IMF).
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,150 points from previous day’s closing of 41,717 points, showing a decline of 567 points.
READ MORE: Pakistan stocks shed 25 points in mixed trading session
Analysts at Topline Securities said that it was a red day at Pakistan equities amid i) Lesser than anticipated Gas tariff hikes to meet IMF condition to curtail Circular Debt further accumulation; ii) a news article reflecting IMF demand to increase interest rates to 20 per cent for which likelihood of an emergent monetary policy meeting for the aforesaid purpose.
READ MORE: Weekly Review: Pakistan stocks to wait IMF talks outcome
The KSE100 index opened in a green zone, but could not stand firmly against selling pressure and eventually settled at 41,150 (-567 points; down 1.36 per cent) for the day.
During the day, following important result has been announced: ILP: 2QFY23 LPS of Rs0.40 vs EPS of Rs2.17 in 2QFY22; Earnings lower than industry expectations; 2QFY23 DPS – Nil;
READ MORE: Pakistan stocks plunge 725 points on IMF program delay
FCCL: 2QFY23 EPS at Rs1.13 (+64 per cent YoY and +19 per cent QoQ); Earnings inline with industry expectations; 2QFY23 DPS – Nil.
During the day, Tech, E&P & Banking sectors contributed negatively to the index where TRG, OGDC, PPL, SYS & HBL lost 333 points, cumulatively. On the flip side, EFERT, POL and PAKT saw some buying interest as they added 66 points collectively, today.
READ MORE: Pakistan stocks gain 743 points on expectations of IMF tranche release
Over 187 million shares were traded today at the bourse while total value clocked in at Rs7.85 billion. SNGP led the volumes chart today with trading of 16.1 million shares in it, today.
