KARACHI: The stocks fell by 181 points on Monday in rang bound trading as inflationary concerns are heating up among investors.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,115 points as against 47,296 points.
Analysts at Arif Habib Limited said that the market continued to remain range-bound today as inflationary concerns heated up among investors after the statement came from Adviser to the Prime Minister on Finance that IMF has asked Government to further hike levy on petroleum products.
Textile sector remained under pressure as Ministry of Energy (Petroleum Division) had already moved a summary to the federal cabinet for ending subsidized gas supply to the industrial sector including captive power plants immediately.
Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, Institutional activity stayed lackluster. In the last trading hour, profit taking was witnessed across the board mainly led by technology sector.
Sectors contributing to the performance include Technology (-45 points), E&P (-28 points), Banks (-26 points), Pharma (-20 points) and Engineering (-19 points).
Volumes decreased from 469.9 million shares to 364.9 million shares (-22.3 per cent DoD). Average traded value also decreased by 19.8 per cent to reach US$ 75.0 million as against US$ 93.5 million.
Stocks that contributed significantly to the volumes include HUMNL, TELE, FNEL, GGL and WTL.
