Stocks waver due to economic uncertainty – Business

KARACHI: Stock prices observed a mixed trend on Tuesday as investors remained cautious due to further delays in the signing of the staff-level agreement between the government and the International Monetary Fund (IMF).

Arif Habib Ltd said the benchmark for representative stocks remained on the higher side initially. But then trading became choppy as uncertainty on the economic front as well as the unfolding political situation in Lahore dented investor confidence, it added.

Trading volume remained healthy across the board as third-tier stocks remained in the limelight.

As a result, the KSE-100 index settled at 41,816.43 points, down 40.42 points or 0.10 percent from the previous session.

The total turnover fell by 32.1 per cent. to 185.3 million shares. The traded value fell by 0.6 per cent. to $23.9 million. on a day-to-day basis.

Stocks that contributed significantly to the traded volume included Hascol Petroleum Ltd (26.6 million shares), WorldCall Telecom Ltd (13.1 million shares), Ghani Global Holdings Ltd (13 million shares), Telecard Ltd (10 .2 million shares) and Oil and Gas Development Company Ltd (8.6 million shares).

Sectors that contributed negatively to the index performance were food and personal care products (11.9 points), auto (5.7 points), chemicals (5.0 points), cement (4.7 points) and banking (4. 6 points).

Companies that recorded the biggest gains in their share prices in absolute terms were Pakistan Services Ltd (Rs 124.81), Sapphire Textile Mills Ltd (Rs 37.91), Philip Morris Pakistan Ltd (Rs 30), Sanofi-Aventis Pakistan Ltd (Rs 19.50). and Gatron Industries Ltd (Rs 14.17).

Companies that recorded the biggest declines in their share prices in absolute terms were Nestle Pakistan Ltd (Rs 60), Sapphire Fibers Ltd (Rs 58.30), Bata Pakistan Ltd (Rs 35), Ismail Industries Ltd (Rs 24.49) and JS Global Capital Ltd. (DKK 22).

Foreign investors were net sellers as they unloaded shares worth $1.26m.

Published in Dawn, March 15, 2023

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