PSX begins week on negative note

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The Pakistan Stock Exchange (PSX) opened the week on a negative note as the benchmark KSE-100 index shed nearly 200 points on Monday.

The market reacted to the news regarding the delay in the resumption of the $6 billion International Monetary Fund (IMF) programme.

Moreover, continuous depreciation in the rupee against the US dollar, a massive hike in petroleum prices, and dismal economic data added fuel to the negative momentum.

At close, the benchmark KSE-100 index recorded a decrease of 192.08 or 0.43% to settle at 44,629.45.

A report from Topline Securities noted: “A hike in petroleum prices coupled with a delay in the IMF negotiations for the resumption of EFF dampened investors’ sentiments.”

“However, the exploration and production sector saw renewed investor interest after international oil prices hit their highest level in years, with Brent trading at $85.97 per barrel at the time of writing.”

The report added the commercial banking sector also continued to witness buoyant buying throughout the day as investors braced themselves for an interest rate hike in the near term owing to high inflation expectations.

During the session, shares of 330 listed companies were traded. At the end of the session, 110 stocks closed in the green, 209 in the red, and 11 remained unchanged.

Hum Network was the volume leader with 25.1 million shares, gaining Rs0.18 to close at Rs6.14. It was followed by WorldCall Telecom with 20.8 million shares, losing Rs0.11 to close at Rs2.28, and Hascol Petroleum with 13.8 million shares, gaining Rs0.29 to close at Rs5.54.

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