KARACHI: Pakistan stocks fell by 242 points on Monday due to delay in talks with International Monetary Fund (IMF) and rescheduling of Saudi Prince visit.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 42,851 points from last Friday’s closing of 43,093 points, showing a decline of 242 points.
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Analysts at Topline Securities said that Pakistan equities commenced the week on a negative note on the backdrop of delay in Pakistan and IMF talks, rescheduling of Saudi Crown Prince’s visit and a rally on global commodity front where international oil prices were trading up over 3 per cent.
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Meanwhile analysts at Arif Habib Limited said that the benchmark KSE-100 index started the week off poorly. The market started off in the red and proceeded to trade in the same range reaching an intraday low of 42,761.88 points due to lack of investors’ participation.
Mainboard activity remained flat as the 3rd tier stocks continued to be the volume leaders.
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Sectors contributing to the performance include E&P’s (-86.5 points), Cement (-38.4 points), Fertilizer (-37.2 points), Commercial Banks (-37.0 points) and Miscellaneous (-31.3 points).
Volumes decreased from 232.8 million shares to 185.5 million shares (-20.3 per cent DoD). The average traded value also decreased by -21.1 per cent to USD 27.14 million as against USD 31.3 million.
Stocks that contributed significantly to the volumes are HASCOL, PTC, LOTCHEM, TRG and WTL.
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