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PSX begins week on negative note, loses over 200 points

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  • Market closes at 41,348.19 points with a loss of 282.16 points.
  • Benckmark KSE-100 witnesses under-pressure session due to concerns over mounting inflation.
  • Shares of 303 companies were traded during session.

KARACHI: The Pakistan Stock Exchange (PSX) started the week on a negative note as the bulls staged a comeback and the market closed with a loss of 200 points on Monday. 

The market opened in the green but soon witnessed profit-taking. 

At close, the benchmark KSE-100 index closed at 41,348.19 points with a loss of 282.16 points or 0.68%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Arif Habib Limited noted that the benchmark KSE-100 index witnessed an under-pressure session due to concerns over mounting inflation and an expected rate hike in the upcoming monetary policy.

The volumes remained dry on the main board although decent volumes were witnessed in the third-tier stocks.

The sectors contributing to the performance include fertiliser (-72.6 points), cement (-60.8 points), exploration and production(-33.2 points), automobile assembler (-18.9 points) and pharmaceuticals (-12.9 points).

Shares of 303 companies were traded during the session. At the close of trading, 88 scrips closed in the green, 197 in the red, and 18 remained unchanged.

Overall trading volumes dropped to 86.6 million shares compared with Friday’s tally of 154.03 million. The value of shares traded during the day was Rs3.04 billion.

Sui Northern Gas Pipelines Limited was the volume leader with 12.47 million shares traded, gaining Rs0.93 to close at Rs36.40. It was followed by Agritech Limited with 8.03 million shares traded, gaining Rs0.20 to close at Rs6.74 and Pakistan Refinery Limited with 4.83 million shares traded, losing Rs0.56 to close at Rs16.91. 

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The PML-N Punjab chapter convenes today to discuss organizational issues.

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Former prime minister and leader of the Pakistan Muslim League-Nawaz (PML-N), Nawaz Sharif, has called a meeting of the PML-N Punjab chapter for today (Friday).

The conference was called by PML-N chief Nawaz Sharif, who reportedly gave the president of the party’s Punjab chapter, Rana Sanaullah, a call to call a meeting of the party’s provincial officials.

Nawaz Sharif is now visiting China.

According to sources, Nawaz Sharif’s leadership role and organizational issues inside the PML-N Punjab would be discussed at the meeting. The meeting’s agenda may also include discussions about the possible growth of the federal and Punjabi cabinets.

According to other sources, Nawaz Sharif gave Rana Sanaullah instructions to gather information on political and organizational positions in Punjab as well as to revitalize the party at the local level.

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Punjab Assembly session: Committee on wheat imports is formed by the speaker

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During the caretaker government, three members of a committee were appointed by Punjab Assembly Speaker Malik Muhammad Ahmad Khan to investigate the import of wheat.

Both sides of the wheat procurement controversy engaged in a fierce debate yesterday during the Punjab Assembly session.

A detailed examination into wheat imports during the caretaker government was required by the legislators, who sharply criticized the government’s wheat strategy.

According to the MPAs, the food minister did not develop any policies for obtaining wheat.

Regarding the wheat procurement problem, the opposition is probably going to hold a protest in the house today, Friday.

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Saad Rafiq: Ali Amin Gandapur’s threat to storm Islamabad is a major issue.

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Ali Amin Gandapur, the chief minister of Khyber Pakhtunkhwa, has threatened to storm Islamabad, according to Khawaja Saad Rafique, a former minister and leader of the Pakistan Muslim League-Nawaz (PML-N). This is a very serious situation.

Pakistan Tehreek-e-Insaf’s Khyber Pakhtunkhwa administration has reportedly launched attacks on the federal capital in the past in an attempt to seize Islamabad, according to Saad Rafiq on the social media platform X (previously Twitter).

“However, PTI got nothing and it resulted in creating chaos, hatred and economic destruction,” he continued.

He added, “If the anarchists attack Islamabad to occupy it this time too, it will become impossible for them to return as rulers.”

According to the leader of the PML-N, fascist behavior will no longer be accepted, and the dirty politics of violence, fire, and ransacking will no longer be effective.

The PTI, he said, has to act rationally and refrain from inciting another May 9.

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