Stock Watch.
Stocks decline, remain volatile on economic uncertainty over IMF negotiation
Summary
Finally the IMF started the talk on bailout package for Pakistan this week. There was a cloud of uncertainty among investors the way the negotiation commenced. The finance minister Asad Umar has to resign after meeting IMF team in Washington. Dr. Abdul Hafeez Shaikh had to join in place of Asad Umar as Advisor to PM on Finance and take charge of all affairs relating to bailout package. The PM Imran Khan had a meeting with Christine Lagarde, Managing Director IMF and also WB CEO on sidelines of Belt and Road Forum at Beijing China last Friday. All these happenings created an air of uncertainty in mind of investors about the bailout package to be negotiated. As such, the short week end remained bearish throughout four days of the week. KSE-100 Index slides 2.7% further WoW as investors remained wary over the news flows about negotiations in the market. The stocks reached to its lowest at 36,123 on Friday close.
Over all the participants volume declined to average of 98 million and the market capitalization touched Rs.7,372 a decline by Rs.157 billion. The Mutual Fund throughout the week off loaded stocks worth $13.44m.
Market on Monday started in positive manner as the index made a high of 307 points. It was the report of cement price hike which later on died down resulting in panic selling. The investors also concerned with incoming talk of IMF in the country. The Index lost 104,36 points to close at 37,026.27.
Concern over IMF negotiation continued on Tuesday as the KSE-100 Index shed further 242 points to close at 36,784.44. Exploration and production, cement and banking sector were the main laggard. Volume declined from 177 m to 83m on Tuesday.
Market continued to decline on Thursday after a day of break on Wednesday due to Labour Day holiday. Major laggard were banks, food and power which wiped out 129 points. The market declined by 237 to close at 36,547.63. The...
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