Pakistan Stocks Market (PSX) shed 240 points on a day dominated by bearish trend throughout the trading on the market.
The benchmark 100-index of PSX closed 240.06 points down at 40560.19 on Wednesday. The market saw selling spree from both domestic and foreign investors.
The shares market opened trading in the green zone. For a brief period, the market remained in the green before plunging into the red. The market never recovered from the plunge and it remained in the red throughout the day.
Analysts say the restoration of the ban on non-filers restricting them from buying property and cars and lack of clarity on the government’s part about possible IMF programme to stave off a potential balance of payment crisis is taking its toll on the market. They say that once the government categorically announced whether it is going for IMF programme or not, the market will set its direction.
During Wednesday’s trade, at one point, the market shed 323 points to dip to 40476 level. However, it managed to recover some of the losses and closed 240.06 points down at 40560.
During the trading, some 52,638,230 shares changed hands at the bourse.
Senior analyst and Chief Executive Officer (CEO) Arif Habib Corp Ahsan Mehnati said bearish activity witnessed at PSX after National Assembly passed the Finance (Amendment) Bill restricting non-filers to purchase cars and properties ۔
He commented that dismal data on oil sales for Jul-Sep’18, uncertainty over Saudi stakes in CPEC projects, hike in core inflation and SBP policy rates and uncertainty over rupee-dollar parity played a catalyst role in bearish close.
On Wednesday, trading on shares of 357 companies was held out of which shares price of 124 companies increased whereas share price of 213 companies decreased. The share price of 20 companies remained unchanged. Pakistan Tobacco was the market leader in term of share price gain followed by Island Textile. Pakistan Tobacco’s share price surged by Rs74.25 to close at 2535 while the share price of Island Textile increased by Rs 73.29 per share to close at 1693.99.
Colgate Palm was the biggest loser followed by Wyeth Pak Ltd. The share price of Colgate Palm decreased by Rs49 per share to dip to Rs 2301 while the price of Wyeth Pal Ltd fell by Rs33.60 to close at 1014.17.