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PSX falls 816 points in open market at day close in midst of IMF deal

KARACHI: Trading at the Pakistan Stock Exchange (PSX) started on a positive note and with intent on Monday amid positive speculations of a much-awaited announcement regarding the International Monetary Fund’s (IMF) agreement with the state of Pakistan bringing back the big wigs of the stock market, helping with the economic trends. However, the market took a turn as participants opted to sell rather than buy amid lingering doubts over economic instability in the country.

With 511.39 points, the KSE 100 index benchmark touched it’s highest marker for the day at, 35,227.92 shortly after the initiation of the session. It then rebounded and the lowest marker for the day of, 33,779.66 was recorded, breaking the previous 34,000 mark.

The index finally settled lower by 816.15 points or 2.41pc at 33,900.38. The KMI 30 index dropped 1,633.19 points to end at 52,767.98, while the KSE All Share index declined by 652 points, settling at 25,041.07.

A slight improvement was seen in trading in the next session with the trends recording, 121.21 million. K-Electric Limited (KEL -5.69pc), Maple Leaf Cement Factory Limited (MLCF -4.98pc) and The Bank of Punjab (BOP -6.58pc) were declared the most traded stocks with 9.81 million shares, 7.08 million shares and 6.88 million shares respectively.

Amid fears, speculations and calculations of a dip in the economy and a downwards trend in investments, the cement sector lost -3.42pc. D G Khan Cement Company Limited (DGKC -5.00pc), Attock Cement Pakistan Limited (ACPL -5.00pc) and Pioneer Cement Limited (PIOC -5.00pc), while Lucky Cement Limited (LUCK -2.10pc), Fauji Cement Company Limited (FCCL -3.94pc) and Bestway Cement Limited (BWCL -3.61pc) also closed out recording negative trends.

Although the market trend was on a downwards spiral, the food and personal care products sector managed to rack up a positive trend of 2.12pc in its total market capitalization. Nestle Pakistan Limited (NESTLE) was up by 4.96pc, National Foods Limited (NATF) by +2.45pc and Mithchells Fruit Farm Limited (MFFL) by +2.66pc.

Sugar and allied industries sector (-9.89pc), textile weaving sector (-6.98pc), refinery sector (-6.74pc), transport sector (-6.26pc) and close-end mutual fund sector (-5.65pc) all went home empty handed at the end of the day’s proceedings.

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