PSX Closing Bell: Go down in flames

December 23, 2022 (MLN): On going political noise, worst economic situation, higher policy rate, and delay in international funding has drastically affected Pakistan Stock Exchange, and crushed investors’ confidence.

On Friday, KSE-100 index closed the session in red zone as it lost 169.13 points (0.42% DoD) to close at 39,669.20.

The benchmark KSE-100 index made an intraday high of 39,938.32 and an intraday low of 39,497.73 during the day.

On weekly basis, the index went down by 1,632.28 points which is 3.95% WoW.

The global ratings agency S&P Global has downgraded Pakistan’s long-term sovereign credit rating to “CCC+” from “B” due to high external risk, which has forced investors to kept away from the market.

It is expected that the economy of country in 2023 will remain in pressure due to recent floods, Russia Ukraine war, high energy prices, depleted foreign exchange reserves, less export, rupee depreciation, tighter global financial conditions.

Speaking to Mettis Global, Ahsan Mehanti Chief Executive Officer at Arif Habib Commodities said, “Political crises in Punjab, concerns over IMF EFF review delays on rift over PDL and budgeted flood losses, and rupee instability played a catalyst role in bearish close.”

By the session’s end, the total volumes of the KSE-100 index stood at 76.13mn shares, decreased by 11.73% DoD from 86.25mn shares traded on Friday.

Out of 100, shares of 90 companies were traded on Friday, of which 55 recorded a fall, 28 registered an increase and seven remained unchanged.

In terms of sectors, most of the negative contributors were technology, cement, and fertilizer which negatively contributed 199.11 points, On the flip side, the power gencos closed the session positively, gaining 58.95 points by the day’s end.

Meanwhile, the volume leaders on the benchmark index were HUBC (8.32mn), PPL (6.85mn), CNERGY (5.08mn), MLCF (5.08mn), and PAEL (4.66mn).

The stocks that emerged as net losers during the day included: RMPL (6.46%), NESTLE (7.34%), MARI (1.62%), LUCK (2.05%), and SYS (1.37%). On the other hand, the scrips which gained the most during the session included PSEL (4.75%), ICI (2.13%), INDU (1.18%), PKGS (2.98%), and PSMC (3.48%).

Copyright Mettis Link News

Posted on: 2022-12-23T17:28:15+05:00


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