Pakistan stocks fall on IMF program concerns

Pakistan stocks fall on IMF program concerns

KARACHI: Pakistan stocks fell by 246 points on Tuesday owing to concerns of resumption of IMF program.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,102 points from previous day’s closing of 41,348 points, showing a decline of 246 points.

READ MORE: Pakistan stocks fall on policy rate hike expectations

Analysts at Arif Habib Limited said that the market observed a negative session today as Pak Rupee depreciated against the US dollar.

The rupee fell by Rs2.38 to end at Rs206.94 against the dollar from previous day’s closing of Rs204.56 in the interbank foreign exchange market.

READ MORE: Weekly Review: stocks to stay positive on improved forex reserves

The analysts further said that the investor’s participation stayed lackluster over concerns of resumption of IMF program. Volumes remained dry in the main board whereas decent volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Banks (-80.5 points), Cement (-50.4 points), Fertilizer (-35.9 points), E&P’s (-17.5 points) and Tobacco (-15.6 points).

READ MORE: Pakistan stocks up 89 points in lackluster trading

Volumes decreased from 86.6 million shares to 76.9 million shares (-11.2 per cent DoD). Average traded value also decreased by 21.3 per cent to reach US$ 11.6 million as against US$ 14.7 million.

Stocks that contributed significantly to the volumes are MLCF, WTL, FCCL, PRL and LOTCHEM.

READ MORE: Pakistan stocks up 243 points on positive sentiments

Leave a Reply

You have to agree to the comment policy.