KARACHI: Pakistani shares skilled promoting stress on Monday as uncertainty surrounding the upcoming budgetary measures prompted the benchmark KSE 100 index to show crimson regardless of an initially optimistic begin amid low quantity.
Ahsan Mehanti of Arif Habib Company mentioned the market turned bearish on reports that the large Rs12.5 trillion proposed tax assortment goal for FY25 would affect industrial earnings.
He added that market sentiments had been additionally negatively affected by over-leveraging and uncertainty relating to the end result of negotiations to repay dues to Chinese language IPPs.
Topline Securities Ltd mentioned traders opted to trim their positions, inflicting the market to settle beneath 76,000 ranges after an intraday excessive at 76,188, a achieve of 204 factors in the course of the day. A comparatively lacklustre momentum was witnessed in the course of the session, fuelled by budgetary considerations and combined IMF vibes.
Consequently, the fertiliser, banks, and E&P sectors contributed negatively, with Fauji Fertiliser, MCB Financial institution, Pakistan Petroleum Ltd, OGDC and Financial institution Alfalah shedding 251 factors. Quite the opposite, Faysal Financial institution, HBL, and Methods Ltd cumulatively added 93 factors. Consequently, the KSE 100 index settled at 75,517.49 factors after tumbling by 465.55 factors or 0.61pc on a day-on-day foundation.
Nonetheless, the general buying and selling quantity fell 26.85pc to 446.07 million shares and the traded worth plunged by 30.42pc to Rs16.40bn day-on-day.
Shares contributing considerably to the traded quantity included Okay-Electrical Ltd (55.59m shares), Symmetry Group Ltd (40.66m shares), WorldCall Telecom (29.46m shares), Dewan Cement (18.97m shares) and Hum Community (18.61m shares).
The shares registering probably the most vital increases of their share costs in absolute phrases had been Exide Pakistan Ltd (Rs37.66), Pakistan Companies Ltd (Rs24.59), Companies Industries Ltd (Rs24.14), Honda Atlas Automobiles (Pakistan) Ltd (Rs17.19) and Atlas Battery Ltd (Rs15.53).
The businesses registering the key decreases of their share costs in absolute phrases had been Shahmurad Sugar Mills Ltd (Rs45.43), Murree Brewery Firm Ltd (Rs13.21), Ferozsons Laboratories Ltd (Rs13.15), Fortunate Core Industries (Rs12.63) and JDW Sugar Mills Ltd (Rs10.00).
Overseas traders turned internet patrons as they purchased shares price $2.17m.
Printed in Daybreak, Could twenty eighth, 2024