Stock market remains choppy on upcoming mini-budget

Stock market remains choppy on upcoming mini-budget

KARACHI: The stock exchange remained choppy and lost 205 points on Monday owing to the expected mini-budget to be tabled by the government this week.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 43,913 points as against last Friday’s ending of 44,118 points, showing a decrease of 205 points.

READ MORE: Weekly Review: market to move with mini-budget

Analysts at Arif Habib Limited said that the market remained choppy due to the upcoming mini-budget.

Profit-taking was witnessed in the last trading hour while the market battled between the bulls and bears throughout the day.

Mainboard volumes remained on the dull note due to lack of any trigger whereas activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

READ MORE: Stocks end down by 149 points on falling forex reserves

Sectors contributing to the performance include Oil & Gas Exploration Companies (-63 points), Technology & Communication (-55 points), Power Generation & Distribution (-34 points) Commercial Banks (-33 points) and Food & Personal Care Products (-20 points).

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Volumes decreased from 223.4 million shares to 114.7 million shares (-48.7 per cent DoD). Traded value also decreased by 39.8 per cent to reach US$ 24.8 million as against US$ 41.2 million.

Stocks that contributed significantly to the volumes include CNERGY, TRG, UNITYR3, UNITY and TELE.

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