February 24, 2024

Stocks fall below 42,000 due to profit-taking

Stocks fall below 42,000 due to profit-taking

KARACHI: The bears remained in control of trading at the Pakistan Stock Exchange on Monday, with the benchmark KSE-100 index extending losses from the previous week and falling by more than 450 points. The benchmark began the week on a sour note after succumbing to late-session profit-taking.

Despite the ongoing political turmoil, the market opened on a bullish note on the opening day of the week; however, news about the economic devastation caused by flash floods dampened investor mood. The KSE-100 index, however, failed to maintain its momentum as bulls retreated and bears gained control. Items that are related.

The rupee continues to fall against the dollar as demand-supply pressures remain.
Gold prices have risen to a one-month high, surpassing Rs148,000 a tola.
Finmin Miftah Ismail anticipates that the economy will increase by more than 3.5% this fiscal year.

The Pakistani rupee’s continuing depreciation versus the US dollar in the interbank market fueled pessimistic sentiment even more. The lack of positive triggers shook investor confidence, resulting in profit taking on the exchange with the week ending on a poor note. The benchmark KSE-100 index ended the day at 41,859.30 points, down 449.81 points or 1.06%.

According to Arif Habib Limited, the benchmark KSE-100 index experienced a bloodbath session today due to fears about inflation and growth rates due to the ongoing flood catastrophe.

“The market opened in the positive zone, but profit taking was evident throughout the day,” the brokerage house said, adding that while volumes remained low across the board, they were high in third-tier equities.

Sectors contributing to the performance included banks (-68.1 points), technology (-67.1 points), cement (-56.3 points), fertiliser (-48 points), and power (-38.2 points).

During the session, 340 businesses’ shares were exchanged. At the close of trade, 68 stocks were in the green, 253 were in the red, and 19 were unchanged.

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