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Pakistan Stocks fall 242 Points Over a Delay in IMF Talks

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Pakistan Stocks fall 242 Points Over a Delay in IMF Talks

(CTN News) – Stocks Investors assessed a rumoured holdup on the International Monetary Fund (IMF) front against continued political uncertainty, which caused Monday to get off to a terrible start and conclude the first day of the week worse.

The KSE-100 shares index, the Pakistan Stock Exchange (PSX) benchmark, finished the day at 42,851, down 242 points or 0.56% from its previous close on Friday.

The Saudi crown prince’s visit was postponed, the Pakistan-IMF negotiations were delayed, and global commodities markets rallied, with worldwide oil prices trading up more than 3%, according to a report from Topline Securities.

Exploration and production, fertilizer, and technology sector companies harmed the index throughout the day.

The combined loss of 141 points was suffered by Pakistan Petroleum Limited, Oil and Gas Development Company, Pakistan Services Limited, Engro Corporation, and Pakistan Oil Fields.

In contrast, TRG Pakistan, Lotte Chemical, and Habib Bank Limited increased the score by 133 points.

According to Darson Research, stocks began to decline immediately.

The brokerage said that as soon as the stock market’s value began to decline, volatility instantly began to develop. This led to a selling frenzy that caused the index to go below the 43,000-point threshold.

Today at the exchange, more than 185 million shares were traded for Rs6 billion. With a transaction of 26.5 million shares, Hascol Petroleum took the top spot on the volumes list.

Hascol Petroleum, Pakistan Tobacco Company, Lotte Chemical, TRG Pakistan, and WorldCall Telecom are stocks that greatly contributed to the volumes.

In its post-market study, Arif Habib Limited (AHL) noted that owing to a lack of investor engagement, the transaction started with a negative gap and went on to achieve an intraday low of 42,761.88 points.

According to the AHL report, “Mainboard activity remained unchanged as the third-tier stocks continued to dominate in volume.”

Exploration and production (-86.5 points), cement (-38.4 points), fertilizer (-37.2 points), commercial banks (-37 points), and others were the sectors that sent the index down (-31.3 points).

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