Daily Times

While the benchmark KSE-100 index had all of its intra-day gains wiped, the Pakistan Stock Exchange (PSX) ended the day in the red on Monday, as a result of profit-taking.

On a positive note, the benchmark index jumped 369 points to reach an intra-day high of 46,969.46 points to start the day’s trading session. Later on in the session, however, profit-taking was observed, which resulted in the index dropping to 46,428.95, which represented a decline of 172 points.

The KSE-100 Index closed at 46,539.59, representing a decrease of 61.95 points or 0.13 percent from its previous closing. A gain of 2,156.96 points on a week-on-week basis propelled the benchmark KSE 100 index above the psychological threshold of 46,000 points, allowing it to settle at 46,601.54 last week.

As the results season gets underway and the political landscape becomes clearer, some industries and stocks are projected to maintain their prominence. Furthermore, the rollover of Chinese loans worth $2.3 billion as well as IMF negotiations are possible, both of which will contribute to the expansion of foreign exchange reserves. Any decrease in the price of oil should have a favourable influence on the market as well.

A report from Pakistan Muslim League-Nawaz (PML-N) stated that the new government of the Pakistan Muslim League-Nawaz (PML-N) has chosen to continue discussions with the International Monetary Fund (IMF) in Washington, DC, beginning today.

With regard to the corporate world, Waves Singer Pakistan Limited has announced that the National Bank of Pakistan has granted financing of Rs1,500 million to kick-start the company’s housing project.

The banking sector (121.9 points), technology and communication (45.32 points), and cement were among the sectors that dragged the benchmark index lower in recent weeks (39.84 points). Volume on the all-share index fell to 255.61 million shares on Saturday, down from 365.79 million shares on Friday. However, the value of the shares increased marginally to Rs9.64 billion from Rs9.13 billion the previous day, according to the data.

Following G3 Technologies, which had 21.23 million shares traded, Cnergyico PK had 17.79 million shares traded and WorldCall Telecom Limited had 15.46 million shares traded, putting them all in the top three.

On Monday, shares in 336 businesses were traded, with 107 firms reporting gains, 199 companies reporting losses, and 30 companies reporting no change.