Stocks end down by 159 points as PKR devaluation continues

Stocks end down by 159 points as PKR devaluation continues

KARACHI: Pakistan stocks ended down by 159 points on Monday as the devaluation in Pakistani Rupee (PKR) continued.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,520 points as compared with last Friday’s closing of 41,679 points, showing a decline of 159 points.

READ MORE: Weekly Review: PKR free fall to haunt stock market

Analysts at Arif Habib Limited said that the PSX closed down on the day having failed to regain the 42,000 level after a bullish open.

Big week for global rates with the FED expected to hike rates by at least 75 basis points kept sentiments in check.

PKR continued to lose ground against the USD despite Saudi Fund for Development rolling over $3 billion for a year.

READ MORE: Stocks remain range bound on PKR erosion

Sectors contributing to the performance include Banks (-63.5 points), Cement (-31.0 points), Chemical (-30.6 points), OGMCs (-19.2 points) and Glass (-14.9 points).

Volumes decreased from 219.4 million shares to 148.2 million shares (-32.4 per cent DoD). Average traded value also decreased by 15.4 per cent to reach US$ 31.6 million as against US$ 37.4 million.

READ MORE: Stocks shed 240 points on continuous PKR devaluation

Value leaders for the day were TRG which hit 120, TGL which closed at limit down following earnings, and ENGRO which was supported by rumors of a potential buyback.

Stocks that contributed significantly to the volumes are TRG, TPLP, HASCOL, HUMNL, and EPCL.

READ MORE: Stocks end flat in volatile trading session