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Saturday, October 23, 2021

Foreign selling, price hike dampen Pakistan bourse - BOL News

Last updated Wednesday, October 6, 2021 11:20 ET , Source: TopWireNews

KARACHI: Foreign selling, increasing commodity prices, amid supply concerns dampened the market sentiments on Wednesday, dealers said.
Ahsan Mehanti at Arif Habib Corporation said that the stocks fell sharply on investors’ concerns over foreign selling, weak global equities and surging trade deficit.
“Dismal data on cement sales falling by 6 per cent in July-September 2021 and reports of 11.5 per cent surge in [the] government debt near to Rs39.7 trillion played a catalytic role in the bearish close.”
The Pakistan Stock Exchange KSE-100 shares index shed 0.66 per cent, or 293.34 points, to close at 44,373.23 points. The KSE-30 shares index shed 0.46 per cent, or 79.91 points, to close at 17,463.24 points.
As many as 554 scrips were active, of which 109 advanced, 423 declined and 22 remained unchanged. The ready market volumes stood at 252.76 million shares, compared with the turnover of 334.68 million shares in the last trading session.
An analyst at Arif Habib Limited said selling pressure continued unabated at the bourse, courtesy of foreign investors.
“Eye watering commodity prices, especially coal, have had their bearing on cement and steel sector stocks and had ripple effects on O&GMCs, E&P sectors due to concerns over [the] potential increase in [the] circular debt emanating from rising energy costs.”
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