KARACHI: Despite starting the week on a positive note, late selling pressure on Monday caused the shares to close lower due to growing political tensions and uncertainties surrounding the IMF.
According to Arif Habib Corporation’s Ahsan Mehanti, stocks ended the day lower due to worries about political noise and a decline in global equities.
He added that the cautious State Bank of Pakistan policy to lower key interest rates at the Monetary Policy Committee meeting on September 12 and the uncertainty surrounding IMF approvals of the Rs2.8 trillion funding proposal to address circular debt crisis also contributed to the negative close.
According to Topline Securities Ltd, the decline, which resulted in a 354 point reduction, was mainly caused by Millat Tractors, Hub Power, United Bank, Habib Bank, and Meezan Bank.
Haleon Pakistan (Rs41.13), Service Industries (Rs29.37), Hallmark Company (Rs24.31), Mari Petroleum (Rs16.85), and Shifa International (Rs12.12) were the shares showing the biggest price increases in absolute terms.
The outcome was an intraday high of 79,214.28 and a low of 78,545.69 for the KSE index. However, it lost 282.72 points, or 0.36 percent, on a daily basis before settling at 78,615.00.
The traded value decreased 21.5 percent to Rs10.12 billion on a daily basis, while the trading volume declined 33.90 percent to 491.12 million shares.WorldCall Telecom (86.00 million shares), Kohinoor Spinning Mills (42.93 million shares), Pace Pak Ltd (37.26 million shares), Trust Modaraba (33.75 million shares), and Waves Home Appliances (32.95 million shares) were among the stocks that made up a substantial portion of the trading volume.
The following firms saw large declines in their share prices: Millat Tractors (Rs39.02), Sapphire Textile (Rs41.94), Sazgar Engineering Works Ltd (Rs42.57), Pak Engineering (Rs39.02), and Rafhan Maize (Rs48.12).
After selling shares valued at $1.75 million, foreign investors became net sellers.
