The Pakistan Stock Exchange (PSX) witnessed a strong investment on Thursday, since early profits were eliminated by intensive sale, triggered by a renewed political uncertainty.
The KSE-100 reference index, which had risen to the maximum of 151,250 points within the day, fell later, hitting the minimum of 148,273. He closed the day to 149,235, less than 1,356 points, or 0.90%.
The mass sale arose after the Supreme Court granted the bond to the former Prime Minister Imran Khan in the cases of May 9, which caused uncertainty about political perspectives. The major pressure came from index sectors, such as commercial banks, cement and fertilizers, which supported the sale of large.
The investigation of AKD Mohammed Awais Ashraf’s securities director told The Express PAkGazette that the feeling of investors became cautious in the midst of political uncertainty after acceptance of the Supreme Court of the Imran Khan bail statement in the cases of May 9.
“However, we hope to fall into interest rates amid the improvement of the macroeconomic backdrop and the stability in the exchange rate to maintain the manifestation in actions,” he said and mentioned that the KSE-100 issued a 29% yield this year.
Read: SC grants Imran’s bond in eight cases on May 9
Ktrade Securities wrote in its market wrap that the KSE-100 reference index began operating with a positive note, but the sales pressure emerged in the second half after the approval of the Imran Khan bond by the Supreme Court.
Consequently, the index fell to a minimum of 148,273 (-2,318 points) from a maximum per day of 151,250 (+659 points) and closed in the negative territory to 149,235 (-1,356 points).
The sale was observed in index sectors, including commercial banks, cement and fertilizers, which contributed with 818 points, 187 points and 128 points to the losses, AKD said.
The attached chief of Arif Habib Limited of Commerce Ali Najib commented that after three consecutive winning sessions, the PSX finally faced a wave of profits that dragged the KSE-100 to red.
The day began in a strong position, with the index playing a maximum per day of 151,250, which reflects a bullish impulse.
However, political noise changed the mood after the media reports on the former prime minister who ensures the bond. He activated volatility and eliminated early profits, sending the market to an acute recession, he said.
However, the storm was quickly established as a clarification that the former private would remain behind bars helped to calm the feeling. “It was a session in which the policy eclipsed the foundations, turning optimism into caution, but late recovery hinted at the underlying resistance in investors’ confidence,” said Najib.
General negotiation volumes increased to 1,100 million shares compared to Wednesday of 667.8 million. The negotiated value stood at RS55.8 billion.
Actions of 480 companies were negotiated. Of these, 130 advanced, 323 fell and 27 remained unchanged. Fauji Foods was a volume leader with contribution at 62.1 million shares, winning RS0.52 to close at RS16.94.
