KARACHI: Pakistan stocks ended down by 322 points on Wednesday over expectations of adverse budgetary measures.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,756 points from previous day’s closing of 43,078 points, showing a decline of 322 points.
Analysts at Arif Habib Limited said that the market remained under pressure as investors remained stagnant over expectations of an adverse budget announcement.
The KSE-100 plunged to 354 points as selling pressure was witnessed across the board as concerns over increasing inflation kept the investors at bay.
Main board activities remained dull on the contrary hefty volumes were observed in the 3rd tier stocks.
The Index closed at 42,756.04 points, down by 322.10 points (-0.75 per cent DOD). Sectors contributing to the performance include Power (-67.8 points), Banks (-65.7 points), Cement (-55.2 points), Technology (-41.1 points) and E&P’s (-32.4 points).
Volumes decreased from 285.3 million shares to 194.4 million shares (-31.9 per cent DOD). Average traded value also decreased by 27.6 per cent to reach $ 27.0 million as against $ 37.3 million.
Stocks that contributed significantly to the volumes are SILK, UNITY, GGL, PRL and FFL.
Market participants are expected to remain cautious in upcoming sessions amid uncertainty regarding taxation measures, inflation outlook, and economic policies. Investors are closely watching the federal budget announcements for clarity on future market direction.
