KARACHI: Pakistan stocks slipped by 87 points on Monday owing to concerns over mounting inflation.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,504 points from last Friday’s closing of 42,591 points, showing a decline of 87 points.
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Analysts at Arif Habib Limited said that the market observed a negative session on Monday August 29, 2022 due to concerns over mounting inflation and GDP growth rate.
Investors’ participation remained sideways throughout the day although value buying was witnessed in the last trading hour which helped the index to recover as it made an intraday low of 763 points.
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Volumes remained dry in the main board whereas hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include E&P’s (-29.5 points), Food & Personal Care (-25.7 points), Autos (-17.8 points), Pharmaceuticals (-15.9 points) and Textiles (-13.4 points).
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Volumes decreased from 265.7 million shares to 229.2 million shares (-13.7 per cent DoD). Average traded value also decreased by 19.4 per cent to reach US$ 32.8 million as against US$ 40.7 million.
Stocks that contributed significantly to the volumes are WTL, KEL, CNERGY, PRL and UNITY.