KARACHI: Within an hour of the market opening, the Pakistani stock exchange succumbed to selling pressure, and bears gained control for the remainder of the day, causing the market to end in the red.
Global markets have been down as a result of Russia’s invasion of Ukraine and worries of armed war between Russia and NATO, according to a Pearl Securities analyst.
“News of developing unrest in the west has driven worldwide oil prices beyond $95 per barrel,” according to the expert.
Pakistan’s politics are heating up, with the opposition planning to file a no-confidence move against Prime Minister Nawaz Sharif. Furthermore, news rumors are circulating that local oil prices may rise by Rs5 to Rs7 per liter, indicating yet another wave of severe inflation.
The KSE-100 shares Index of the Pakistan Stock Exchange fell 0.99 percent, or 314.16 points, to settle at 45,644.09 points. The KSE-30 index fell 0.98 percent, or 176.66 points, to 17,791.44 points at the closing.
There were 349 scrips active, with 58 advancings, 273 declinings, and 18 remaining stables.
The ready market volume was 187.8 million shares, compared to 170.6 million shares traded in the previous trading session.
Stocks fell across the board, headed by scrips, according to Ahsan Mehanti of Arif Habib Corporation, as investors weighed the Ukraine issue.
“Investors’ worries about the expanding trade imbalance and reports of plummeting cement sales, along with cuts in development budgets, an increase in the industrial power tariff, and political noise, catalysed the bearish close.”
Analysts predict the market to stay under pressure in the future, therefore investors should consider using a sell-on-strength strategy.
Mari Petroleum, up Rs25.82 to end at Rs1,774.06/share, and Khairpur Sugar, up Rs6.26 to close at Rs89.78/share, were the two businesses that saw the most increases.
Rafhan Maize, which lost Rs495 to finish at Rs10,405 per share, and Allawasaya Textile, which lost Rs174.38 to settle at Rs2,150.73 per share, were among the firms that suffered the highest losses.
With a transaction of 33.5 million shares, WorldCall Telecom had the largest volume. Telecard Limited, which had a turnover of 9.8 million shares, came in second with a loss of 10 paisas to settle at Rs2.05/share. It fell Rs1.05 to Rs16.32 per share. With 7.8 million shares traded, Ghani Global stayed third. It fell Rs1.28 to Rs20.5 per share.