KARACHI: Pakistan stocks fell one percent on the first day of the week, as uncertainty on the economic front continued, traders said.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed bearish amid pressure in scrips across the board on weak earnings outlook.
“Dismal earnings announcements in oil sector, dismal data on oil, cement and auto sales for Mar’19, IMF reservations on proposed tax amnesty plan, uncertainty over terms of IMF bailout package and pre budget uncertainty played a catalyst role in bearish close,” he said.
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index dropped 390.78 points or 1.05 percent to 36,901.69 points against 37,292.47 points recorded in the last session. The highest index of the day remained at 37,479.82 points while the lowest level of the day was recorded at 36,842.94 points.
KSE-30 Index also decreased 195.80 points or 1.10 percent to 17,543.57 points.
Turnover dropped by 52 million shares to 125.96 million shares from 177.35 million shares. Trading value decreased to Rs4.43 billion from Rs6.63 billion while market capital narrowed to Rs7.49 trillion from Rs7.56 trillion. Out of 305 companies’ active in the session, 62 closed in green, 227 in red while 16 remained unchanged.
Highest increase was recorded in shares of Faisal Spinning, which rose Rs11.16 to Rs249 per share, followed by Blessed Textile that increased Rs9.98 to Rs260 per share. Major decline was noted in shares of Rafhan Maize XD, which fell Rs344.99 to Rs6,850.01 per share, followed by Nestle Pakistan XD that decreased Rs111 to Rs7,789 per share.
Significant turnover was recorded in stocks of Lotte Chemical, Pioneer Cement, K-Electric Ltd, Sui Northern Gas Pipelines Ltd, Pak Elektron, PIAC (A), Bank of Punjab XD, Unity Foods Ltd, Maple Leaf Cement and Cherat Cement.
Shares’ turnover in the future contracts increased to 123.47 million shares from 70.40 million in the previous session.