The Pakistan Stock Exchange (PSX) began the week with a loss of over 200 points on the benchmark KSE-100 index on Monday
The market responded negatively to the announcement that the $6 billion International Monetary Fund (IMF) program would be delayed.
Furthermore, the rupee’s persistent devaluation against the US dollar, a significant increase in gasoline costs, and poor economic statistics fueled the downward trend.
At the closing, the benchmark KSE-100 index was down 192.08 points, or 0.43 percent, to 44,629.45.
“An increase in fuel costs coupled with a delay in the IMF discussions for the restart of EFF depressed investors’ emotions,” according to a Topline Securities report
“However, as worldwide oil prices hit their highest level in years, with Brent trading at $85.97 per barrel at the time of writing, the exploration and production industry witnessed renewed investor interest.”
According to the report, the commercial banking sector saw strong purchasing throughout the day as investors prepared for an interest rate rise in the near future due to high inflation forecasts.
330 listed businesses’ shares were traded during the session. At the finish of the day, 110 stocks were up, 209 were down, and 11 were unchanged.
With 25.1 million shares traded, the volume leader gained Rs0.18 to end at Rs6.14. WorldCall Telecom came in second with 20.8 million shares, down Rs0.11 to Rs2.28, while Hascol Petroleum came in third with 13.8 million shares, up Rs0.29 to Rs5.54.