KARACHI: The Pakistan bourse on Tuesday remained in red territory over foreign selling, surging industrial power tariff and investors’ concerns over the economic impact of the surging global oil prices.
“The market remained under pressure due to the mounting international oil prices. New York’s WTI crude contract rose more than three per cent on Tuesday as Russian President Vladimir Putin deployed troops to separatist areas of Ukraine,” an analyst at Arif Habib Limited said.
“Selling was witnessed throughout the day mainly in the tech and cement stocks, which led the market to stay in the red zone. In the last trading hour, value hunting was observed which led to recovery in the market.”
“Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks,” he added.
The Pakistan Stock Exchange KSE-100 shares Index shed 0.77 per cent, or 350.67 points, to close at 45,012.18 points. The KSE-30 shares Index shed 0.95 per cent, or 167.57 points, to close at 17,513.12 points.
As many as 341 scrips were active of which 75 advanced, 252 declined and 14 remained unchanged.
The ready market volumes stood at 227.17 million shares, compared with the turnover of 137.65 million shares in the last trading session.
The companies that reflected the highest gains included Rafhan Maize up Rs336.47 to close at Rs10,199/share, and Mari Petroleum up Rs28.82 to close at Rs1,757.30/share.
The companies which reflected the most losses included Pak Tobacco down...
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