KARACHI: Benchmark index at stocks market closed slightly lower by 0.22 percent Monday amid weak Pakistan economic outlook, traders said.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed lower on investor concerns for weak economic outlook amid dismal data for the current account deficit for Jul-Sep’18 at $3.6 billion.
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed lower 84.85 points or 0.22 percent to 38,345.42 points against 38,430.27 points recorded in the last session. The highest index of the day remained at 38,783.84 points while the lowest level of the day was recorded at 38,258.14 points.
KSE-30 Index also dropped 86.64 points to 18,362.61 points against 18,449.25 points.
Turnover, however, increased by four million to 235.35 million shares from 231.24 million shares. Trading value increased to Rs7.52 billion from Rs7.60 billion while market capital narrowed to Rs7.82 trillion from Rs7.84 trillion. Out of 385 companies’ active in the session, 234 closed in green, 139 in red while 12 remained unchanged.
“Government concerns over IMF conditions for bailout package, likely raise in power tariff and likely surge in interest rates and further rupee depreciation and uncertainty over corporate earnings outlook at PSX played a catalyst role in bearish close,” Mehanti said.
Highest increase was recorded in shares of Colgate Palm, which rose Rs99.99 to Rs2,599.99 per share, followed by Indus Motor Co XD that increased Rs61.20 to Rs1,285.23 per share. Major decline was noted in shares of Pak Tobacco, which fell Rs120 to Rs2,280 per share, followed by Rafhan Maize that decreased Rs99 to Rs6,901 per share.
Significant turnover was recorded in stocks of TRG Pak Ltd, Bank of Punjab, Nimir Resins, Pak Elektron, Fauji Cement, Engro Polymer, Ist. Dawood Bank, Pak Int. Bulk, Maple Leaf XD and Unity Foods Ltd XD.
Shares’ turnover in the future contracts rose to 149.24 million shares from 77.46 million shares traded in the previous session.