Pakistan Stock Exchange on Thursday shed some 58 points in a flat session during which market moved both ways.
The bench mark KSE-100 index closed at 40,851.80 points, down 58 points.
During the trading, market moved both ways. In the second session, bear gripped the market and at one point market shed some 518 points. However, it recovered in the last session and closed 58 point down at the end of trading session.
Amid lack of clarity on economic issues by the new government, the investors continued to stay on the sideline and opted wait and see approach.
An analyst at Topline Security says inflationary pressure will likely lead to further monetary policy tightening, thereby affecting aggregate demand. Higher inflation will be due to higher gas prices and likely increase in electricity tariff. This kept investors skeptical about corporate earnings going forward, he added.
During Thursday trading, Netsol closed at its lower lock for the second consecutive day as the company posted loss of Rs167mn in its 4QFY18.
Trading in the shares of some 369 companies were carried, out of which 112 companies posted gains while 240 companies’ shares went down. Prices of 17 companies remained unchanged.
Pak Tobacco was the highest gainer with Rs 99 per share increase. Its share price closed at Rs 2399.21. Rafhan Maize was biggest loser as it share price decreased by 380 to close at Rs7220.
Market participation in terms of volume went up by 18 percent where highest volume was seen in Dolmen City REIT (DCR) and Unity Foods (UNITY) at 22mn and 12mn respectively.
Senior market analyst and CEO of AKY Securities Amin Yousuf said that the market will remain lackluster this week as the investors are waiting for the central bank to announce monetary policy. The State Bank of Pakistan (SBP) is expected to announce the monetary policy on Saturday.
He said investors are shying away from taking position and are waiting at the sidelines. He added next week, the market will determine its direction. The analysts said that investors are also waiting for the Saudi delegation scheduled to visit in the first week of October.