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Bears hold sway for second consecutive day at PSX

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  • PSX closes in red due to profit profit-booking ahead of financial year closing.
  • Market closed in the red with a loss of over 467.89 points.
  • Shares of 316 companies were traded during session.

KARACHI: The Pakistan Stock Exchange (PSX) has remained under pressure since yesterday due to profit-booking ahead of the financial year closing. 

The stock market opened in the green, however, it later succumbed to the selling pressure as the bears staged a comeback. The market closed in the red with a loss of over 400 points. 

At close, the benchmark KSE-100 index closed at 41,297.73 points with a loss of 467.89 points or 1.12%.

Bears hold sway for second consecutive day at PSX

According to Topline Securities, Pakistan equities witnessed a negative day today. However, rumours regarding a possible restriction on dividend payment of those banks which want to reclassify their Pakistan Investment Bond (PIB) triggered a selling spree in the banking sector stocks which compelled the benchmark index to see an intraday low at 41,119 points. 

Banks, technology and exploration and production stocks contributed negatively to the index. 

Shares of 316 companies were traded during the session. At the close of trading, 124 scrips closed in the green, 168 in the red, and 24 remained unchanged.

Overall trading volumes rose to 142.19 million shares compared with Tuesday’s tally of 257.16 million. The value of shares traded during the day was Rs5.34 billion.

K-Electric Limited was the volume leader with 14.37 million shares traded, losing Rs0.04 to close at Rs3.09. It was followed by Worldcall Telecom Limited with 11.61 million shares traded, losing Rs0.03 to close at Rs1.36 and Hascol Petroleum Limited with 7.56 million shares traded, gaining Rs0.24 to close at Rs4.25. 

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The KSE-100 Index rises following a sharp decline in the previous session.

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The government is considering filing a treason case under Article 6 against PTI founder Imran Khan, former president Arif Alvi, and former deputy speaker Qasim Suri. On Tuesday, the KSE-100 Index was up more than 1.3% during early trading, following a day of roughly a 2 percent loss due to growing political unrest and the potential banning of the party.

However, the benchmark index of the Pakistan Stock Exchange was trading at 79,074.63 by 11:49 a.m., having gained 535.45 points, or 0.68 percent, after reaching an intraday high of 79,578.04.

Market analysts said that political tensions were the primary cause of the KSE-100’s earlier Monday decline of 1578.71 points, or 1.97 percent.

They did point out, though, that a correction was a reasonable reaction to the protracted upswing that allowed the benchmark mark index to reach 81,839.86 on July 18.

As a result of interest rate cuts and the possibility of another IMF program, the Pakistan Stock Exchange has gained 22.97 percent so far this year. The cycle began on June 10 with a 1.5 percent decrease in borrowing costs.

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In interbank trade, the US dollar crushes the Pakistani rupee.

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During interbank trade on Tuesday, the US dollar’s value increased by 15 paisas, reaching Rs 278.45.

It is important to remember that Fitch Business Monitor International expressed concern about the possibility that Pakistan’s economic stability may be jeopardized by the ongoing political unrest.

The fragile situation of Pakistan’s economic recovery was emphasized by Fitch in its most recent Pakistan Country Risk Report, which also noted that economic activity has been impeded by urban protests.

(PTI),In spite of multiple successful judicial appeals, the founder of Pakistan Tehreek-e-Insaaf (PTI) is expected to stay behind bars, the article notes, underscoring the fragile political environment.

With no urgent plans for new elections, this scenario suggests that the coalition administration will remain in office for the next 18 months.

Fitch also described an eventuality in which the government could change and be replaced by a technocratic administration. This suggests that the government of Pakistan would carry out the reforms demanded by the IMF, contributing to the 3.2% GDP growth expected in 2024–2025.

The policy rate has stabilized above projections, while the research predicted it may reach 16 percent this fiscal year and 14 percent the following year.

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Pakistan’s gold prices per kilogram dropped.

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When 24-karat gold dropped by Rs. 500 to Rs. 250,500 per tola on Tuesday, the price of gold fell once again on both the local and international gold markets.

By Rs429 to Rs214,763, 10 grams of gold cost less, according to the Gold Sellers Association.

Gold’s price per ounce dropped to $2391 on the international market by $11.

At Rs2920 per tola, the price of silver did not change.

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