Karachi: Pakistan Stock Exchange (PSX) benchmark KSE-100 Index witnessed decline of over 600 points, closing below 40,000 level. Moreover, panic about monetary policy announcement by State Bank of Pakistan due next week added to investors’ anxiety. At end of session, KSE-100 Index fell 602.7 points or 1.49 percent to close at 39,720.75 points. KSE-100 Index falls 1.18 percent owing to political noise.

Trading began with dip and market fell steadily throughout day. In second half of session, decline accelerated.

Across-the-board selling pressure was seen as index-heavy sectors including, automobile, cement, chemicals, commercial banks, oil and gas exploration companies and oil and gas marketing companies ended day in negative zone.

Experts attributed bearish sentiment to political uncertainty amid Local Government elections held on Sunday across Sindh.

“Negative sentiment is due to political volatility,” Sana Tawfik an analyst at Arif Habib Limited informed.

 “Until clarity is achieved on political front, negativity will persist,” she added.

Sectors dragging benchmark KSE-100 Index downwards included oil and gas exploration (132.04 points), technology and communication (99.54 points) and cement (63.15 points).

Volume on all-share index fell to 105.5 million from 173.3 million on Friday. Value of shares traded fell to Rs 3.2 billion from Rs 4.6 billion recorded in previous session.

WorldCall Telecom was volume leader with 8.96 million shares followed by Hascol with 7.84 million shares and Lotte Chemical with 7.66 million shares. Shares of 314 companies were traded of which 65 registered an increase, 228 recorded fall and 21 remained unchanged.

Published in The Daily National Courier, January, 17 2023

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