PSX Closes in Red After IMF Deposit

Pakistan Stock Exchange (PSX) witnessed a seesaw trading session as the benchmark KSE-100 index registered a 247-point drop on Thursday after the International Monetary Fund deposited $1.2 billion in the State Bank of Pakistan. According to Arif Habib Limited (AHL), the dip will allow more liquidity to come into the market and the upside should resume in the coming sessions. During the day, the KSE 100 index oscillated between an intraday high of 45,971.00 (gaining 456.05 points) and an intraday low of 45,255.58 (losing 259.37 points). It settled lower by 247.99 points at 45,266.96. The KMI 30 index fell by 479.52 points closing at 77,042.06. While the KSE All share index settled at 30,360.75 with a loss of 89.01 points. Independent analyst A H H Soomro told ProPakistani, Overall market volumes inched up from 449.50 million shares in the previous session to 488.13 million shares. The highest contributors to the volume chart were Worldcall Telecom (WTL +0.78 percent), TPL Properties Limited (TPLP +1.35 percent), and K-Electric Limited (KEL +6.84 percent). The scrips had 55.54 million shares, 42.15 million shares, and 30.45 million shares exchanged, respectively. According to Capital Stake, sectors taking points away from the benchmark KSE 100 index included the Banking sector (100.38 points), Technology and Communication sector (66.62 points), and the Fertilizer sector (32.33 points). Company-wise, Systems Limited (SYS 62.57 points), United Bank Limited (UBL 50.15 points), and Engro Corporation Limited (ENGRO 18.75 points) drove the index south. The Technology & Communication sector went down by 1.38 percent in its cumulative market capitalization. Systems Limited (SYS 2.06 percent), TRG Pakistan Limited (TRG 0.18 percent), Avanceon Limited (AVN 0.39 percent), and Air Link Communication Limited (AIRLINK 1.18 percent), all closed negative. Meanwhile, equity markets around the globe showed a positive trend. At 16:00 Pakistan Standard Time, crude oil prices moved north with WTI crude oil price rising by 0.12 percent to $75.84. While Brent crude oil price was up by 0.21 percent to $80.28.