Pakistan stocks plummet by 434 points on negative sentiments

Pakistan stocks plummet by 434 points on negative sentiments

KARACHI: Pakistan stocks plummeted by 434 points on Friday after negative sentiments of investors prevailed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 39,942 points from last trading day of March 22, 2023 at 40,376 points, showing a decline of 434 points.

READ MORE: Pakistan stocks shed 40 points in range bound trading

Analysts at Arif Habib Limited said that the PSX concluded the week with a negative session.

The market started off in the red zone and continued to trade in the negative territory for the majority of the trading session, shedding 453.21 points during the day due to the prolonged Staff Level Agreement (SLA) between the government and IMF to unlock 9th tranche of the Extended Fund Facility.

READ MORE: KSE-100 index begins week with decline of 412 points

Investors’ participation remained dull throughout the session drying up volumes in the main board while side board scrips remained the volume leaders.

Sectors contributing to the performance include E&P’s (-61.7 points), Technology & Communication (-60.3 points), Miscellaneous (-47.9 points), Commercial Banks (-47.3 points), and Cement (-40.2 points).

READ MORE: Weekly Review: investors to hope for successful IMF program

Volumes decreased from 148.5 million shares to 46.7 million shares (-68.5 per cent DoD). The average traded value also decreased by -67.0 per cent to USD 4.6 million as against USD 13.8 million.

Stocks that contributed significantly to the volumes are WTL, TELE, TPLP, PAEL and FCCL.

READ MORE: Equities shed 364 points as SLA delay disappoints investors

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