KARACHI: The Pakistan Stock Exchange (PSX) on Monday observed a downward trajectory and ended the first day of the week on a downward note.
The benchmark KSE 100 index declined by 203.36 points (0.6%) and closed at 33,308.97 points. The indices surged by 357.15 points as trading resumed and reached 34,365.84 points. This was due to the oil and gas exploration sector which added 102 points and market volume of shares was 4.34 million.
The stock market could not retain the momentum in subsequent trading and had a steep decline. The stock market reached its lowest level of 33,770.68 points before trading was suspended. The total volume of scripts was 144.648 million valued at Rs5.676 billion.
The lower bench KSE 30 index also declined by 103.80 (0.70%) and closed at the 14,799.86 million. The total volume of shares was 77.583 million. The All-Share Index increased by 37.45 (0.15%) and closed at 24,245.47 points, while the KMI 30 index dropped by 141.71 (-0.26%) points and closed at 55,220.37 points.
TRG Pakistan was the most active stock which saw a gain in share prices by 7.49 percent followed by K-Electric Limited (KEL +1.96%) and Worldcall Telecom (WTL -3.19).
The banking sector (-116.78 points), cement sector (-57.77 points) and miscellaneous sector (-41.76 points) dragged the index south.
The anking sector lost 1.21% from is cumulative market cap. MCB Bank (MCB -2.34%), United Bank Limited (UBL -2.02%) and Bank AL Habib Limited (BAHL -3.02%) all closed in red.
TPL Corp Limited subsidiary, TPL Trakker Limited, has got approval to issue 58.3 million ordinary shares to general public at a fixed price of Rs12 per share.
PIA saw a decline in share prices by 2.04 percent as it reported a loss of Rs 55bn in 2019. However, PIA recorded higher revenue of 43% during 2019, helping losses to contract by 18%.
The International Monetary Fund (IMF) has proposed Rs5,100 billion revenue target in next budget for fiscal 2020-21, including additional tax measures of Rs575 billion.
The State Bank of Pakistan (SBP) slashed interest rates by 100 bps to 8% on Friday. The inflation outlook has improved further considering a cut in domestic fuel prices. As a result, inflation could fall closer to lower end of previously announced ranges of 11-12% in this fiscal year & 7-9% in next.
On the macroeconomic front, FDI increased by 31.68% in April where month-on-month basis FDI fell by 52.33% partly due to the coronavirus. The highest investment was received from Hong Kong while the oil and gas exploration sector witnessed the highest foreign direct investment.
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