KARACHI: Pakistan stocks fell on economic uncertainty dropping by 122 points after an increase in the couple of sessions, traders said.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed bearish amid pressure in selected scrips across the board on investors’ concerns over economic uncertainty and tough conditions of IMF bailout package.
“Imminent rise in gas tariff by next fiscal year, risks over MSCIs downgrade to frontier market status 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 122.13 points or 0.33 percent to 37,381.95 points against 37,504.08 points recorded in the last session. The highest index of the day remained at 37,635.66 points while the lowest level of the day was recorded at 37,337.75 points.
KSE-30 Index also decreased 58.27 points or 0.33 percent to 17,694.85 points.
Analysts said that Pakistan stocks fell on economic uncertainty.
Turnover dropped by 33 million shares to 139.97 million shares from 172 million shares. Trading value decreased to Rs4.70 billion from Rs6.15 billion while market capital narrowed to Rs7.62 trillion from Rs7.66 trillion. Out of 347 companies’ active in the session, 137 closed in green, 188 in red while 22 remained unchanged.
Highest increase was recorded in shares of Rafhan Maize XD, which rose Rs328 to Rs7,000 per share, followed by Bata (Pak) XD that increased Rs43.31 to Rs1,639.68 per share. Major decline was noted in shares of Philip Morris Pak, which fell Rs183.66 to Rs3,489.67 per share, followed by Nestle Pakistan that decreased Rs161 to Rs7,899 per share.
Significant turnover was recorded in stocks of Unity Foods (R), K-Electric Ltd, Pak Elektron, Pioneer Cement, Maple Leaf Cement, Trust Inv. Bank, Fauji Cement, Unity Foods Ltd, Bank of Punjab XD and Attock Refinery.
As Pakistan stocks fell on economic uncertainty, traders said, it had impact over futures contracts as well. Shares’ turnover in the future contracts decreased to 52.773 million shares from 70.01 million in the previous session.