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Pressure continues: Pakistan stock down 1.64 percent

KARACHI: Negativity continued at the Pakistan Stock Exchange with index falling 1.64 points, as most of the Index heavy scripts traded under pressure, traders said.

Analyst Murtaza Jafar at Elixir Securities said that all eyes would be on the ongoing Prime Minister visit to Saudi Arabia – any development on potential flows for Pakistan’s ailing reserves and/or facility for deferred oil payments would lift investor sentiments going forward.

“We however believe that potential flows, if any, are unlikely to be meaningful enough to avoid an IMF Program,” Jafar said.

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed lower 630.52 points or 1.64 percent to 37,714.90 points against 38,345.42 points recorded in the last session. The highest index of the day remained at 38,403.61 points while the lowest level of the day was recorded at 37,582.69 points.

KSE-30 Index also dropped 291.05 points to 18,071.56 points against 18,362.61 points.

Turnover dropped by 12 million shares to 223.93 million shares from 235.35 million shares. Trading value decreased to Rs6.67 billion from Rs7.52 billion while market capital narrowed to Rs7.72 trillion from Rs7.82 trillion. Out of 373 companies’ active in the session, only 82 closed in green, 278 in red while 13 remained unchanged.

Several companies announced their financial results Tuesday. However, major disappointments for the market were Pak Suzuki Motor Company (down 5.0 percent) and National Bank of Pakistan (down 3.27 percent).

Economic Coordination Committee (ECC) is schedule to meet tomorrow (Wednesday) to review and finalize modalities pertaining to issuance of NOC to Shangai Electric Power (SEP) for the purchase of 66 percent holding of Karachi Electric Limited and decide on the pending increase in electricity tariffs.

Highest increase was recorded in shares of Pak Tobacco, which rose Rs72.76 to Rs2,352.76 per share, followed by Sapphire Textile XD that increased Rs49.90 to Rs1,179.90 per share. Major decline was noted in shares of Rafhan Maize, which fell Rs345.05 to Rs6,555.95 per share, followed by Colgate Palmolive that decreased Rs129.99 to Rs2,470 per share.

Significant turnover was recorded in stocks of Bank of Punjab, Pak Elektron, Lotte Chemical, Unity Foods Ltd XD, Descon Oxychem, TRG Pak Ltd, Fauji Foods Ltd, Dewan Cement, Nimir Resins and Yousuf Weaving.

Shares’ turnover in the future contracts dropped to 139.86 million shares from 149.24 million shares traded in the previous session.

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