KARACHI: Pakistan stock market came under selling pressure due to the uncertainty created by the argument between the government and opposition regarding the continuation of fiscal support by the International Monetary Fund (IMF) and the World Bank. Investors preferred to lighten their portfolios to avoid losses.
The Karachi Share Index (KSE-100) ended the day 226.15 points (0.47 per cent) down at 48,012.52 points against the previous closing of 48,238.67 points. The market went as high as 48,372.01 points during intra-day trading, while recorded as low as 47,964.04 points.
Trading volumes inclined to 839.18 million shares today, as compared to 750.5 million shares during last trading day, while the daily traded value declined to Rs15.87 billion from Rs20.66 billion in the previous session, the data said.
The argument regarding the break-in support from the international funding organizations is very worrying for the market, the traders and analysts said. The discontinuation of funds can washout all the growth plans and budget estimates. On the other hand, worrisome news from the trade front also added to the pressure on the market today, they added.
The ministry of finance has issued a statement in which it responded to PML-N leader Miftah Ismail’s on the state of the economy in his press conference held on Sunday and called them misleading, “The IMF programme is intact, and a new mission is expected to be fielded in August to review full-year economic performance.”
Meanwhile, according to the latest data Pakistan’s textile exports for May 2021 reported at $1.06 billion, a decline of 20 per cent month on month (MoM) both in US dollar and Pak-rupee terms.
The share price of Sanofi-Aventis increased by Rs63.98 to Rs989.98, while Bhanero Textile gained Rs59 to Rs1,059. On the other hand, Unilever Foods lost Rs840 today to close at Rs15,710 while Colgate Palmolive lost Rs98 to close at Rs2,700
