Pakistan stocks extend losses; end down by 96 points

Pakistan stocks extend losses; end down by 96 points

The Pakistan stocks witnessed a second consecutive session of decline on Tuesday, as political instability continued to create uncertainty among investors.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended the day at 41,099 points, down 96 points from the previous day’s closing of 41,195 points. Over the course of the last two sessions, the Pakistan stocks shed approximately 500 points.

Analysts at Arif Habib Limited noted that the Pakistan stocks experienced a mixed session throughout the day. The market initially opened on a positive note but fluctuated due to ongoing political unrest in the country.

As a result, investors remained cautious and participation remained sluggish, ultimately leading to a decline in the Pakistan stocks and a close in the red. Despite this, trading volumes remained decent, with the third-tier equities leading the volume board.

Several sectors contributed to the overall performance of the Pakistan stocks, with Exploration and Production (E&P) companies leading the decline with a decrease of 32.3 points. Commercial Banks followed with a decline of 19.4 points, while Power Generation & Distribution, Oil Marketing Companies (OMCs), and Cement sectors also experienced losses of 17.2 points, 16.1 points, and 13.3 points, respectively.

The trading volume saw a decrease from 97.8 million shares to 91.5 million shares, representing a 24.0 percent decline day-on-day. However, the average traded value increased by 48.5 percent to USD 8.3 million compared to USD 5.5 million.

Notable stocks that significantly contributed to the trading volumes were WTL, KEL, UNITY, CNERYGY, and OGDC.

Political unrest and uncertainty have been major factors impacting investor sentiment at Pakistan stocks. The ongoing instability has led to cautious decision-making and a reluctance to take significant positions. Investors will be closely monitoring the political situation in the coming days for any signs of stability and its potential impact on the stock market.

The article above is for informational purposes only and should not be considered as financial advice. Investing in stocks involves risks, and readers should do their own research and consult with a professional advisor before making any investment decisions.