The stock exchanged remained under pressure on Thursday, with investors reacting cautiously to the looming International Monetary Fund (IMF) review and concerns over revenue shortfalls.
The 100-Index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Thursday, losing, 1,634.22 points, a negative change of 1.46 percent, closing at 110,301.16 points as compared to 111,935.38 points on the last trading day.
A total of 598,930,638 shares were traded during the day as compared to 436,325,053 shares the previous trading day, whereas the price of shares stood at Rs25.629 billion against Rs23.225 billion on the last trading day.
As many as 435 companies transacted their shares in the stock market, 101 of them recorded gains and 286 sustained losses, whereas the share price of 48 companies remained unchanged.
The three top trading companies were Silk Bank Limited with 119,523,297 shares at Rs 1.19 per share, WorldCall Telecom with 80,384,932 shares at Rs.1.52 per share and Bank Makramah with 64,937,708 shares at Rs.4.15 per share.
Nestle Pakistan Limited witnessed a maximum increase of Rs51.11 per share closing at Rs7,440.36 whereas runner-up was Haleon Pakistan Limited with Rs 30.39 rise in its share price to close at Rs.874.78.
Unilever Pakistan Foods Limited witnessed a maximum decrease of Rs.83.70 per share price, closing at Rs 22,315.50, whereas the runner-up was Sazgar Engineering Works Limited with Rs 46.60 decline in its per share price to Rs.1,094.36.
Separately, stock markets rose Thursday on easing trade tensions and thanks to some strong company earnings, analysts said.
London reached a fresh record high in morning deals, with the Bank of England expected to cut its key interest rate later in the session.
The capital’s FTSE 100 was boosted also by pharmaceutical giant AstraZeneca, the index’s most valuable company, whose share price jumped nearly five percent on a positive outlook following jump in annual net profit.
Japanese carmaker Nissan closed up more than seven percent in Tokyo after reports said it was looking for a new partner amid talk that its flagged tie-up with Honda would not go ahead.
Honda fell four percent.
“For all the doom and gloom, talk of trade wars and tariffs, and broad geopolitical risk, investors keep putting money to work at companies with good valuations,” noted Neil Wilson, analyst at TipRanks trading group.
Global equities slumped early in the week after US President Donald Trump announced hefty tariffs on China, Canada and Mexico.
Sentiment has improved, however, after Trump reached deals with the US neighbours to delay implementation of the measures.
The US Postal Service has meanwhile reversed a decision to halt parcels from China and Hong Kong.
There were solid gains across European stock markets Thursday after rallies in Asia and on Wednesday in the United States.
Shares in French bank Societe Generale soared more than 10 percent in Paris after posting better-than-expected results.