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Stocks fall as delay in IMF talks, Saudi crown prince visit weigh

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2 years ago

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  • Investors concerned as world commodities rise.
  • Shelving of Saudi crown prince visit dents sentiment.
  • Losses led by exploration and production sector stocks.

KARACHI: Stocks Monday got off to a bad start to close the first day of the week weaker as investors weighed a reported holdup on the International Monetary Fund (IMF) front amid ongoing political uncertainties.

After remaining soaked in the red ink, the whole day, Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index settled at 42,851 after losing 242 points or 0.56% compared to the last closing on Friday.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

Topline Securities in a note said a delay in Pakistan-IMF talks, rescheduling of the Saudi crown prince’s visit and a rally in the global commodity markets where international oil prices were trading up over 3%.

During the day, exploration and production, fertiliser and technology sector stocks contributed negatively to the index.

Pakistan Petroleum Limited, Oil and Gas Development Company, Pakistan Services Limited, Engro Corporation, and Pakistan Oil Fields lost 141 points, cumulatively.

On the flip side, TRG Pakistan, Lotte Chemical, and Habib Bank Limited together added 133 points.

Darson Research said stocks went downhill from the word ‘go’. 

“Earlier, as the equities started going down volatility emerged immediately, resulting in a selling spree that pulled the index below the 43,0000-point mark,” the brokerage said.

Over 185 million shares traded today at the bourse while the total value clocked in at Rs6 billion. Hascol Petroleum led the volumes chart with a trade of 26.5 million shares. Stocks that contributed significantly to the volumes are Hascol Petroleum, Pakistan Tobacco Company, Lotte Chemical, TRG Pakistan, and WorldCall Telecom.

Arif Habib Limited (AHL) in its post-market analysis said the trade commenced with a negative gap and proceeded to hit an intraday low of 42,761.88 points due to a lack of investor participation. 

“Mainboard activity remained flat as the third-tier stocks continued to be the volume leaders,” the AHL report said.

Sectors that dragged the index down turned out to be exploration and production (-86.5 points), cement (-38.4 points), fertiliser (-37.2 points), commercial banks (-37 points), and miscellaneous (-31.3 points).

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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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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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