KARACHI: Trading at the Pakistan Stock Exchange (PSX) started on a bullish note on Monday amid the perception that the much-awaited announcement regarding the International Monetary Fund’s staff level agreement would bring back market bulls and initiate a relief rally. However, the market took a U-turn as the participants opted to sell the rally amid lingering concerns on soaring debt, skyrocketing inflation, falling reserves and a repeatedly debased Pakistani Rupee.
Accumulating 511.39 points, the KSE 100 index benchmark touched its day’s high of 35,227.92 shortly after the commencement of the session. It then rebounded and reached its intraday low of 33,779.66, breaking the 34,000 mark. The index finally settled lower by 816.15 points or 2.41pc at 33,900.38. The KMI 30 index dropped 1,633.19 points to end at 52,767.98, while the KSE All Share index declined by 652 points, settling at 25,041.07.
The overall trading volumes improved from the previous session and were recorded at 121.21 million. K-Electric Limited (KEL -5.69pc), Maple Leaf Cement Factory Limited (MLCF -4.98pc) and The Bank of Punjab (BOP -6.58pc) turned out to be the most traded stocks with 9.81 million shares, 7.08 million shares and 6.88 million shares exchanging hands respectively.
Amid fears of a contraction in the economy and a decline in investments, the cement sector lost -3.42pc from its cumulative market capitalization. D G Khan Cement Company Limited (DGKC -5.00pc), Attock Cement Pakistan Limited (ACPL -5.00pc) and Pioneer Cement Limited (PIOC -5.00pc) were floored, while Lucky Cement Limited (LUCK -2.10pc), Fauji Cement Company Limited (FCCL -3.94pc) and Bestway Cement Limited (BWCL -3.61pc) also closed negative.
Although the market trend was negative, the food and personal care products sector managed to add 2.12pc in its total market capitalization. Nestle Pakistan Limited (NESTLE) was up by 4.96pc, National Foods Limited (NATF) by +2.45pc and Mithchells Fruit Farm Limited (MFFL) by +2.66pc.
Sugar and allied industries sector (-9.89pc), textile weaving sector (-6.98pc), refinery sector (-6.74pc), transport sector (-6.26pc) and close-end mutual fund sector (-5.65pc) all closed the session as losers.