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.
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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.
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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).
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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.
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