Karachi: Negative sentiments prevailed at Pakistan Stock Exchange (PSX), as benchmark KSE-100 Index fell over 700 points as Pakistan and International Monetary Fund failed to reach staff level agreement for next tranche of loan. By the end of day, KSE-100 Index was down 724.81 points or 1.71 percent at 41,762.74 level.

Across-the-board selling was seen in index-heavy sectors including, automobile, cement, chemicals, commercial banks, oil and gas exploration companies and OMCs trading in red. On Thursday, KSE-100 Index had risen over 700 points amid hopes that IMF programme will be revived soon.

Report from Capital Stake stated, “Indices slipped lower and lower for most part of session, while volumes depreciated from previous close.”

Sectors painting benchmark KSE-100 index in red included, oil and gas exploration (202.31 points), fertiliser (99.49 points), banking (99.16 points). Volume on all-share index fell to 281.9 million from 367.4 million on Thursday. Value of shares increased to Rs 14.7 billion from Rs 13.5 billion recorded in previous session.

Oil and Gas Development Company was volume leader with 38.7 million shares followed by Pakistan Petroleum with 28 million shares and WorldCall Telecom with 27.5 million shares.

Published in The Daily National Courier, February, 11 2023

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