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PSX sinks below 41,000 amid political uncertainty

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2 years ago

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  • KSE-100 sheds over 300 points as bears resort to stock selling.
  • Depreciation of rupee further dented investor interest.
  • Decent volumes were observed on the mainboard.

Pakistan Stock Exchange (PSX) on Monday lost ground in the face of political uncertainty that grew with the Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s announcement to dissolve Punjab and Khyber Pakhtunkhwa assemblies on December 23.

The benchmark KSE-100 index shed over 300 points as bears resorted to stock selling due to emerging political developments.

The market came under selling pressure, which persisted throughout the trading session, dragging the index below the 41,000- point mark. Depreciation of the rupee against the US dollar further dented investor interest.

Earlier, the session kicked off on a positive note, however, the market dipped within an hour of trade. It remained under selling pressure, touching an intra-day low of 40,814.95 points.

At close, the benchmark KSE-100 index recorded a decrease of 330.66 points, or 0.80%, to settle at 40,970.82.

Arif Habib Limited, in its post-market commentary, noted that the week started on a negative note at the PSX due to the ongoing political uncertainty, which kept investors squaring up their position in the market, with the index shedding 486.53 points during the intraday.

Decent volumes were observed on the mainboard although third-tier stocks remained in the spotlight.

Sectors contributing to the performance included power generation and distribution (-53.5 points), fertiliser (-51.5 points), technology and communication (-51.5 points), exploration and production (-47.1 points), automobile assembler (-33.7 points).

Shares of 317 companies were traded during the session. At the close of trading, 82 scrips closed in the green, 220 in the red, and 15 remained unchanged.

Overall trading volumes rose to 142.57 million shares compared with Friday’s tally of 139.65 million. The value of shares traded during the day was Rs3.81 billion.

Bank AlFalah was the volume leader with 29.01 million shares traded, losing Rs0.07 to close at Rs30.68. It was followed by WorldCall Telecom Limited with 12.44 million shares traded, losing Rs0.04 to close at Rs1.23 and Hascol Petrol with 9.45 million shares losing Rs0.71 to close at Rs6.09.

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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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1 week ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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1 week ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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