The Pakistan Stock Exchange (PSX) witnessed a continuation of bearish trends, with the KSE-100 index taking a notable hit. Wednesday’s session ended with the index down by 753.26 points, a 1.16% decline, marking a close at 64,048.44. Similarly, a day earlier KSE-100 (-953.60) points for the Index.

PSX MARKET SUMMARY AS OF MAR 13, 2024 2:15 PM

StatisticValue
Current Index64,048.44
Change-753.26 (-1.16%)
Previous Close64,801.70
Day Range63,856.51 – 65,043.37
52-Week Range39,482.17 – 67,093.96
Volume125,290,804
1-Year Change53.02%
YTD Change-0.95%
High65,043.37
Low63,856.51

The interbank session on Wednesday saw a significant increase in the value of the Pakistani Rupee (PKR) relative to the US dollar, indicating a change in the currency’s trend. The Rupee strengthened to PKR 278.79 per USD.

A CONTINUOUS DOWNTURN

This drop follows a previous session’s loss of 953.60 points (1.45%), underscoring a period of significant market volatility. Throughout the day, the index fluctuated within a 1,186.86 point range, peaking at 65,043.38 and bottoming out at 63,856.51.

Trading volumes for the KSE-100 reflected a substantial engagement with 125.291 million shares exchanged. However, a widespread sell-off was evident, as the majority of listed companies faced downward pressure. Specifically, 84 of the index companies saw their shares decline, while a mere 8 managed to register gains.

IMF REVIEW SPARKS CONCERNS

The impending economic review by the International Monetary Fund (IMF) mission, set to commence on March 14 for the final review of the Stand-By Arrangement (SBA), has cast a shadow over market sentiments. The potential for stringent IMF measures and diminishing hopes for a rate cut have contributed to the bearish outlook.

Amid these challenges, Muhammad Aurangzeb recently assumed the role of Finance Minister, tasked with navigating Pakistan through one of its most critical economic crises. With the current IMF loan program concluding in April, Pakistan is in dire need of a more substantial and extended arrangement to meet its looming debt obligations.

SECTORAL IMPACTS AND MARKET MOVERS

The session’s downturn was led by losses in key sectors including Oil & Gas Exploration, Commercial Banks, and Technology & Communication, among others. Conversely, slight gains were seen in Automobile Parts & Accessories and Real Estate Investment Trust sectors.

KSE100 SECTORS SUMMARY 2024-03-13 at 4.02.46 PM

Notable companies contributing to the index’s decline included MARI, PPL, PSO, MTL, and OGDC, while a few like CHCC and PIOC offered some support of 4.03 points and 3.79 points respectively.

KSE100 COMPANIES SUMMARY 2024-03-13 at 4.02.24 PM

BROADER MARKET OVERVIEW

The broader All-Share index also closed in the red, shedding 528.50 points. The market’s total volume reached 252.752 million shares, with the majority of traded companies ending the day lower.

YEARLY GAINS PERSPECTIVE

Despite the day’s losses, it’s important to note the KSE-100’s significant gains over the fiscal year, with a 54.51% increase, highlighting the market’s resilience and potential for recovery amid fluctuating economic conditions.

MARKET TALKS

Unexpectedly strong U.S. inflation data caused the domestic bullion market to abruptly end its remarkable run of straight gains.

A HIT HITS GOLD PRICES

Out on the global scene, spot gold was trading at $2,159.28 per ounce, down $24.21 or 1.11% from the day before. This response followed the release of the most recent U.S. consumer price index (CPI) report for February 2024, which showed an increase of 3.2% year over year. Investors were caught off guard by this minor increase from January’s 3.1% and surpassing market expectations.

The intraday high for XAUUSD was $2161.64, and the intraday low was $2155.90. At 2:37 PM Pakistani time on March 13, 2024 (GMT+5), the current price of gold is $2159.34.

SUBRSCRIBE

Leave a Reply

Your email address will not be published. Required fields are marked *

TRENDING

No Content Available
Archives
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?