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Stocks Hammered as KSE-100 Drops 828 Points

Karachi: Bears continued to dominate the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index sliding below the 44,000-mark mainly owing to economic and political concerns.

Read More: How to Buy a Home Amid High Inflation in 2023

On the other hand, global equity markets showed a bullish pattern, although crude oil prices remained with the increase; WTI crude price increasing 0.97pc to $65.69 while Brent crude price rising 1.14pc to $69.02 (as at 3:56 pm PST) (as at 3:56 pm PST).

The benchmark KSE-100 Index remained in the red for virtually the whole session, reaching its intraday low at 43,946.30 after dropping 1,104.76 points. It settled lower by 828.15 points at 44,222.91.

The KMI-30 Index sank 1,835.25 points to conclude at 73,074.05, while the KSE All Share Index dropped 582.39 points, ending at 30,382.52.

The overall market volumes climbed from 459.82 million shares in the previous session to 491.70 million shares (+7pc). Average trading value, however, decreased 5pc, from $157.6 million to $149.2 million.

Read More: Pakistan Becoming Fastest Growing Freelance Marketplace

Shedding 6.14pc from its cumulative market capitalization, the refinery sector ended as the session’s worst performer, with Attock Refinery Ltd (ATRL -7.50pc), Pakistan Refinery Ltd (PRL -6.79pc), National Refinery Ltd (NRL -5.64pc), and Byco Petroleum Pakistan Ltd (BYCO -5.75pc) posting significant losses

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