KARACHI: In the face of growing global commodities costs and rapidly spreading Covid infections throughout the globe, the Pakistan stock exchange adjusted somewhat on Thursday, according to traders.
The markets ended negative, according to Ahsan Mehanti of Arif Habib Corp, because of heightened fears in global equities about the Covid epidemic.
“The negative close was triggered by a drop in [the] rupee, rising trade, and current account deficits, and concern about the result of [the] IMF [International Monetary Fund] board review on January 12.”
The KSE-100 shares Index fell 0.72 percent, or 325.59 points, to settle at 45,082.3 points on the Pakistan Stock Exchange. To conclude at 17,759.9 points, the KSE-30 shares index fell 0.62 percent or 110.39 points.
There were 360 scrips active, with 87 advancings, 258 declinings, and 15 remaining constants. The ready market volume was 345.29 million shares, compared to the previous trading session’s turnover of 432.06 million shares.
After a seven-day surge, the market took a breather on Thursday, according to an analyst at JS Global Capital. “Important news about an increase in international coal prices and a rising trade gap reduced investors’ confidence.”
“In the future, we recommend buying on dips in technology, oil and gas exploration, banking, and cyclical industry equities,” says the report.
Nestle Pakistan, which gained Rs37.95 to end at Rs5,550 a share, and Ismail Industries, which gained Rs24.2 to conclude at Rs450 per share, were among the top gainers.
Unilever Foods, which lost Rs150 to finish at Rs19,350 a share, and Sapphire Fiber, which lost Rs80.25 to settle at Rs989.75 per share, were among the businesses that suffered the highest losses.
With a transaction of 65.1 million shares, Worldcall Telecom had the largest volume. With a transaction of 54.81 million shares, the scrip lost 10 paisas to end at Rs2.26/share, followed by TRG Pakistan, which lost Rs9.26 to close at Rs114.33/share. With a turnover of 30.19 million shares, Unity Foods stayed in third place. It fell 2 paisas to Rs2.25 per share.