KARACHI: The Pakistan Stock Exchange (PSX) continued to decline for the fourth day of the week on Thursday and ended in the red due to ongoing economic challenges.
The benchmark KSE-100 dropped by 290.54 (-0.63%) and closed at 45,652.62 points. The total volume of shares were 98.247 million valued at Rs4.27 billion. The lower bench KSE-30 index dropped by 120.22 points (-0.68%) and closed at 17,569.94 points. The total volume of shares was 58.248 million.
The KMI 30 index declined by 597.15 points (-0.80%) and closed at 74,395.16 points, while the All Share Index also decreased by 151.79 points (-0.49%) and closed at 31,055.57 points. The total volume of shares traded were 186.408 million at the stock market.
The highest number of shares traded belonged to Lotte Chemical Ltd (LOTCHEM 4.55%) which traded 19.980 million shares. This was followed by Cnergyico PK Ltd, (CNERGY 3.01%), Pakistan Refinery Ltd (PRL 7.58%), and Hum Network Ltd (HUMNL 2.22%). The number of scrips traded were 19.858 million, 12.9 million, and 8.285 million, respectively.
Of the 90 traded companies in the KSE100 Index 22 closed up 65 closed down, while 3 remained unchanged. Total companies traded were 311 compared to 326 from the previous session. Of the scrips traded 92 closed up, 198 closed down while 21 remained unchanged.
Finance minister Miftah Ismail left for Washington to meet with International Monetary Fund (IMF) officials for the resumption of the delayed $6 billion loan programme.
Ahead of the visit, he said the IMF has set out five major conditions for the revival bailout package including reversal of fuel subsidies, withdrawal of the tax amnesty scheme, increase in electricity tariffs, imposition of new taxes, and ensuring fiscal savings aimed at bringing down the budget deficit.
The stock market also face pressure as the returns on short-term Treasury Bills (T-bills) further increased up to 70 basis points in the auction held on Wednesday. The cut-off yield for the Government of Pakistan Market Treasury Bills (MTBs) is on the rise for the last one month.
The State Bank of Pakistan increased the policy rate by 250 basis points in its emergency meeting held on April 7. Accordingly, the cut-off yield on all short-term government papers is gradually increasing and putting pressure on equities.
