Stocks end down on inflation concerns, high oil prices

Stocks end down on inflation concerns, high oil prices

KARACHI: The stocks have witnessed a decline of 149 points on Monday owing to inflationary pressure and rise in international oil prices. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 45,429 points as compared with last Friday’s closing of 45,578 points.

Analysts at Topline Securities said that a lackluster session was observed at the bourse today with the KSE-100 index closing the day at 45,429.

Higher international oil prices coupled with concerns over the inflationary pressures kept the market in check.

MEBL, LUCK, HBL, MLCF & AKBL were the major laggards in the KSE-100 index and cumulatively dragged the index down by 126.06 points while on the other hand THALL, PPL, DAWH, FFC & SHFA cumulatively added 62.2 points.

Volumes remained extremely low after the introduction of the new PSX trading system which witnessed its 1st day live trading.

The KSE All Share Index saw a volume and value traded of 165.91 million shares and Rs4.98 billion respectively. The volume leader for today was HUMNL with 50.757 million shares exchanging hands as the company notified the exchange that they have received a Public Announcement of Intention by Duraid Qureshi to acquire up to 35.15 per cent of the total issued paid up capital of the company.

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