PSX is still under pressure, with the KSE-100 Index down 243 points

KARACHI: The Pakistan equities market remained under pressure owing to inflationary fears coming from increasing gasoline costs, with widespread selling seen in the last trading hour, causing the market to end in the red zone.

According to a Pearl Securities analyst, the market had a lackluster session and ended up in the negative.

“During the day, market players were agitated by the worldwide political uncertainties between Russia and Ukraine. Furthermore, investors were kept at away by increasing worldwide oil prices ($94/bbl) and local oil costs (Rs159/liter), as well as a lack of favorable triggers.”

The KSE-100 shares Index of the Pakistan Stock Exchange fell 0.53 percent, or 243.7 points, to settle at 45,441.1 points. The KSE-zaYU30 shares index fell 0.5 percent, or 89.26 points, to 17,698.88 points at the closing.

There were 348 scrips active, with 99 advancings, 229 declinings, and 20 remaining stables. The total market volume was 152.86 million shares, compared to 145.3 million shares traded in the previous trading session.

The markets finished under pressure, according to Ahsan Mehanti of Arif Habib Corporation, due to a drop in global crude oil prices and poor global equities due to the imminent Ukraine issue.

“A catalytic role in the bearish closing was played by an increase in the industrial power tariff and news of a monthly pattern of dropping textile exports in January 2022.”

Bhanero Textile, up Rs87.88 to end at Rs1,259.63/share, and Shield Corporation, up Rs20.31 to conclude at Rs291.13/share, were the two businesses with the biggest increases.

Allawasaya Textile, which lost Rs138.01 to end at Rs1,702.22/share, and Premium Textile, which lost Rs58.8 to close at Rs725.2/share, were among the firms that suffered the highest losses.

With a transaction of 16.15 million shares, WorldCall Telecom had the largest volume. The stock fell six paisas to Rs1.96 per share, followed by Hum Network, which had 14.43 million shares traded. It fell 24 paisas to Rs7.26 per share. With a volume of 10.4 million shares, Telecard Limited stayed third. It finished at Rs16.1/share, down 68 paisas.