The Pakistan Stock Exchange (PSX) had a gloomy session on Friday, the final trading day of the week, as the benchmark index fell after the Financial Action Task Force’s (FATF) ruling.
Despite “excellent progress” in fulfilling the essential action items for removal off the list, the FATF decided to keep Pakistan on the grey list, contrary to market expectations.
The uncertainty regarding the continuing discussions between Pakistan and the International Monetary Fund (IMF) added gasoline to the bearish session, as the Ministry of Finance and Revenue stated that a definite time limit for the end of the talks could not be offered.
Furthermore, the possibility of a hike in the policy rate by the State Bank of Pakistan at its next monetary policy meeting on November 26 heightened investor anxiety.
The benchmark KSE-100 index fell 243.04 points (0.53 percent) to 45,578.36 points.
On the financial front, Maple Leaf Cement Factory reported Rs0.76 in earnings per share (EPS) for the quarter ended September 30, 2021, compared to Rs0.51 in the same period the previous year. The company posted a profit-after-tax of Rs839 million during the first quarter of FY22.
Pakistan Oilfields, on the other hand, reported a profit after tax of Rs4.73 billion for the quarter ended September 30. Meanwhile, Nishat Power, Attock Cement, and Engro Corporation also announced their quarterly results, all of which showed significant profits for the period.
Shares of 346 publicly traded firms were traded during the session. 129 stocks finished in the green, 208 in the red, and nine stayed unchanged at the end of the day.
Overall trading volumes fell to 300.7 million shares, down from 338.3 million on Thursday. During the day, Rs11.8 billion worth of shares were exchanged.
With 35.9 million shares traded, Hum Network Limited was the most active, earning Rs0.12 to settle at Rs6.67. Unity Foods came in second with 22.5 million shares, down Rs0.48 to Rs29.31, while WorldCall Telecom Limited came in third with 21.05 million shares, down Rs0.06 to Rs2.37.