Karachi, June 22, 2023: Pakistan stocks experienced a decline today as investors showed a lack of interest in the trading session.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 40,152 points, dropping 69 points compared to the previous day’s closing of 40,221 points.
READ MORE: Pakistan Equities Suffer as Bears Dominate, Shedding 432 Points
Financial analysts at Arif Habib Limited reported that the PSX witnessed another range-bound session, indicating a lack of significant market movements throughout the day. Although the KSE-100 index initially started on a positive note, it fluctuated in both directions due to a dearth of catalysts to stimulate investor activity. Eventually, the index closed in the red, reflecting a net loss of 68.74 points.
Investor participation remained stagnant due to the delayed agreement with the International Monetary Fund (IMF). This uncertainty contributed to subdued volumes across the board, with relatively higher activity observed in the third-tier stocks.
READ MORE: Pakistan Stocks Close Higher Amid IMF Program Uncertainty
Several sectors played a role in the market’s performance, with the Chemical sector experiencing a decline of 50.5 points, followed by the Fertilizer sector with a decrease of 30.5 points. Commercial Banks saw a decline of 15.9 points, while Oil Marketing Companies (OMCs) recorded a drop of 13.2 points. Furthermore, Investment Banks, Investment Companies, and Securities Companies collectively contributed to the downturn with a decrease of 8.0 points.
READ MORE: Pakistan Stocks Plummet as IMF Program Stalls, Sinking 680 Points
Trading volumes saw a modest increase, rising from 97.0 million shares to 116.5 million shares, indicating a 20.2 percent Day-over-Day (DoD) growth. However, the average traded value decreased by 28.4 percent to USD 8.9 million compared to the previous day’s USD 12.3 million.
Among the stocks that witnessed significant trading activity were K-Electric Limited (KEL), WorldCall Telecom Limited (WTL), Bank of Punjab (BOP), Sindh Bank Limited (SNBL), and TRG Pakistan Limited (TRG).
READ MORE: Weekly Review: Market Monitors Pakistan-IMF Deal
As the day concluded, the Pakistan stock market faced a downward trend as investors remained disinterested, potentially influenced by the delayed IMF deal. The subdued trading volumes and sector-specific declines indicate a cautious sentiment among market participants, underscoring the need for positive catalysts to reignite investor confidence in the coming days.
