KARACHI: Pakistan stocks further decreased 147 points Thursday amid fears of tightening SBP policy rates ahead of IMF program, traders said.
Analyst Ahsan Mehanti at Arif Habib Corp said Bearish trend continued amid thin trade on pre-budget uncertainty.
“Cement and banking stocks outperformed on speculations ahead of Federal budget announcements and likely tightening of SBP policy rates related to new IMF program,” he said. “Weak global crude oil prices and investor fears over likely additional taxes and tough IMF conditions in the federal budget FY19 played a catalyst role in bearish close.”
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index decreased 147.39 points or 0.42 percent to 34,887.64 points against 35,035.03 points recorded in the last session. The highest index of the day remained at 35,297.84 points while the lowest level of the day was recorded at 34,828.94 points.
KSE-30 Index also decreased 58.10 points or 0.35 percent to 16,493.52 points.
Turnover decreased by 35 million shares to 64.33 million shares from 113.23 million shares. Trading value dropped to Rs3.72 billion from Rs4.55 billion while market capital narrowed to Rs7.14 trillion from Rs7.18 trillion. Out of 304 companies’ active in the session, 139 closed in green, 145 in red while 20 remained unchanged.
Highest increase was recorded in shares of Island Textile, which rose Rs93.75 to Rs1,992 per share, followed by Bata (Pak) XD that increased Rs50 to Rs1,400 per share. Major decline was noted in shares of Nestle Pakistan XD, which fell Rs252.50 to Rs7,212.50 per share, followed by Unilever Foods XD that decreased Rs206.44 to Rs6,300 per share.
Significant turnover was recorded in stocks of Maple Leaf Cement, Sui Northern Gas Pipelines Ltd, Lotte Chemical, K-Electric Ltd, Engro Fertilizers XD, Fauji Foods Ltd, Unity Foods Ltd, Mughal Iron, Pak Int Bulk and Pak Elektron.
Shares’ turnover in the future contracts decreased to 27.12 million shares from 35.30 million in the previous session.