Stocks extend losses amid selling pressure

Pushed by these components, the market gamers opted to dump their stockholdings at engaging valuations and the KSE-100 index misplaced over 200 factors.

Contemporary devaluation of the rupee in opposition to the US greenback, because it dropped one other 1.03% on a day-on-day foundation within the inter-bank market, dented the arrogance of market contributors.

Furthermore, uncertainty in regards to the resumption of Worldwide Financial Fund (IMF) mortgage programme haunted the buying and selling atmosphere on the bourse.

Earlier, the buying and selling began on a optimistic be aware because the market rallied within the preliminary hours, touching an intra-day excessive of 46,746 factors.

Nonetheless, it didn’t maintain the rally because of late-session profit-taking and the index, after oscillating in a slim vary, lastly settled within the purple zone for the second consecutive day.

At shut, the benchmark KSE-100 index recorded a decline of 206.23 factors, or 0.44%, to settle at 46,333.36 factors.

Topline Securities, in its report, stated that Pakistan equities closed within the purple because the benchmark KSE-100 index settled at 46,333.

The day kicked off on a optimistic be aware, the place the market touched an intra-day excessive of 206 factors as buyers cheered Engro Polymer and Chemical substances’ outcome announcement and materials data, it stated.

The corporate introduced its growth and earnings per share of Rs5.19 together with dividend per share of Rs5 for the primary quarter of 2022, which led the inventory to shut at its higher cap, Topline stated.

Nonetheless, some profit-taking was witnessed within the second half, the place main laggards have been Hub Energy Firm, Pakistan Petroleum Restricted, TRG Pakistan and Oil and Fuel Improvement Firm as they dented the index by a cumulative 134 factors.

On the outcomes entrance, Engro Fertilisers introduced earnings per share of Rs4.13 together with dividend per share of Rs5.5 for the primary quarter of 2022, whereas Financial institution AL Habib declared earnings per share of Rs4.4 for a similar quarter, Topline added.