The PSX witnessed a volatile session in the beginning of the week which landed deep in red, with the benchmark index shedding 598.30 points or -1.53% to close at 38,481.70 points over Rupee depreciation as the State Bank announced that it will now yield the adjustment of rate to the market factors; intervening only when it deems necessary. There was talk of SBP letting rupee walk on its own and take a few falls over the next few days.
Hinting that the rupee can devalue even further, State Bank of Pakistan (SBP) says that it supports the devaluation of Pakistani rupee because it is a market driven adjustment. The exchange rate was fluctuating between Rs 110 and Rs 109.5.
The Rising political noise was enough for the market to see the bearish run. PSX has dropped to a new low which is the lowest since 2016’s summer. An accountability court on Monday also declared Ishaq Dar an absconder in a corruption reference after the former finance minister repeatedly failed to join the trial, remaining instead in London where he has reportedly been undergoing medical treatment.
Stocks fell across the board after witnessing a huge selling pressure. The market opened in red and made an intra-day low of -706 points. The market saw a intraday high of +357 points in which the Oil sector companies helped the market sustain. The oil exploration and production sector moved higher today over the dollar price rise.
Rupee’s depreciation and Political instability created fear among the investors which created a lot of selling pressure today.
The Dollars successfully raised from bond market at good rates, Interest rates continue to be low. The benchmark 100 index at the Pakistan Stock Exchange (PSX) made a new low. Having flirted with new intraday lows in the recent days, and having touched the triple bottom four times in 2 weeks.
65+ companies hit their downside lock today. Major laggards of the market were LUCK -52.22 points, PSO -41.31 points, ENGRO -40.26 points, DAWH – 28.14 points and MCB -27.78 points.
Major gainers of the marker were OGDC +55.61 points, PPL +43.30 points and POL +12.95 points
All shares index had a traded volume of 129.42 million shares today. Overall, stocks of 361 companies were traded on the exchange, of which 52 gained in value, 294 declined and 14 remained unchanged. In KSE 100, 57.16 million shares were traded with a net worth of just Rs 5.01 billion.
Top traded sectors
World Call Telecom was the volume 18.53 million shares, losing Rs 0.16 to close at Rs2.98. It was followed by TRG Pak Ltd with 8.30 million shares, losing Rs1.69 to close at Rs32.14, K-electric Ltd with 5.94 million shares, losing Rs 0.20 to close at Rs6.03 and Azgard Nine with 4.61 million shares losing Rs0.89 to close at Rs 13.95.
Top Advancers of the market were
Top Decliners of the market were