Pakistan Stock Exchange shed 69 points on a day dominated by bear on the bourse.
The benchmark KSE-100 index of the shares market lost 69.15 points to close at 40929.44 points’ level. The market reacted negatively to the central bank’s decision to up the key policy rate by 100 bps points to further tighten the monetary policy.
The market started trading on the first working day of the week in the red zone.
During the first session, at one point the market shed some 278 points. In the ensuing trading, the market regained some of the losses. However, the market remained in the red zone throughout the day and closed 69 points lower.
Commenting on Monday’s trading, senior analyst and CEO of Arif Habib Corp. Ahsan Mehnati said that stocks closed lower amid pressure in scrips across the board after SBP decision to raise key policy rate by 100bps in its policy review on concerns for higher CPI Inflation, fiscal deficit, and external account imbalances.
Banking and cash-rich oil stocks outperformed on the surge in SBP key policy rate and higher global oil prices, he added. According to Mehnati, external financing risks, uncertainty over government decisions on a new IMF programme and impact of NEPRA approvals of electricity price played a catalyst role in the bearish close.
On Monday trading held on the scrips of some 366 companies. Out of these, the share price of 177 companies increased while the price of 222 companies decreased. While share price of 27 companies remained unchanged.
Some 71,481,100 shares changed hands during the daylong trading on the market.
Refhan Maize was the market leader in term of share price gain followed by Island Textile. Refhan Maize share price increased by Rs 349 per share to close at 7568 while Island Textile gained Rs79 per share to close at Rs 1705.
Unilever Food XD was the top loser with 369 per share loss to close at Rs 6935 per share. It was followed by Colgate Palm with Rs99 per share loss.