KARACHI: Pakistan stocks Wednesday declined by over 500 points owing to prevailing macroeconomic uncertainty.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 40,376 points from last day’s closing of 40,878 points, showing a decline of 502 points.
READ MORE: Pakistan stocks shed 40 points in range bound trading
Analysts at Arif Habib Limited said that negative session was witnessed at the PSX during the day.
The KSE-100 opened with positive numbers but sentiment soon shifted in favor of Bears as the market traded in the red zone for the majority of the trading session.
READ MORE: KSE-100 index begins week with decline of 412 points
Due to the delay in signing the Staff Level Agreement between the government and the IMF, as well as the prevalent macroeconomic uncertainty, investors chose to stay cautious, causing the index to fall to an intraday low of -525.27 points.
Volumes remained flat across the board, with 3rd tier stocks remaining in the limelight.
READ MORE: Weekly Review: investors to hope for successful IMF program
Sectors contributing to the performance include E&P’s (-73.3 points), Cement (-72.6 points), Technology & Communication (-59.7 points), Commercial Banks (-53.9 points), and Miscellaneous (-48.6 points).
Volumes increased from 142.8 million shares to 148.5 million shares (+4.0 per cent DoD). The average traded value decreased by -21.6 per cent to USD 13.8 million as against USD 17.6 million.
READ MORE: Equities shed 364 points as SLA delay disappoints investors
Stocks that contributed significantly to the volumes are FFCL, WTL, THCCL, FFL & GGL.
