Daily Times

In a tumultuous session, the Pakistan Stock Exchange (PSX) saw the KSE-100 index rise in the morning, then fall back to close the day 0.16pc lower.

The index ended the day down 67.81 points at 42,458.14.

The IMF’s $6b bailout package was revived early on, according to early morning stock picks by investors. After it became evident that the global lender had laid forth a series of requirements that had to be met before the programme could be relaunched, hope fell away As soon as trading began, the KSE-100 index had a sharp increase that brought it close to the 43,000-point level.

Since investors’ reactions to the IMF’s development were divided, the index stayed within its previous trading range from noon to the final hours of trading. The last hour of trading saw market players selling off their securities in order to book profits after investor mood took a hit, which resulted in the market going in the wrong direction.

Pakistan promised to raise Rs436b in new taxes and increase the petroleum levy beginning on July 1 as part of a package of budget measures for 2022-23 that were discussed between Pakistan and the IMF on Tuesday night. If Pakistan fails to meet additional policy initiatives to “strengthen macroeconomic stability,” the development will not be a staff-level agreement. Indexes swung in both directions in search of direction, according to a report from Capital Stake, although volumes dropped from the previous close. Investors were on the sidelines despite news of progress in talks with the IMF, according to analysts.

According to a Topline Securities report, the day began well, reaching an intra-day high of 354 points due to the resurgence of the IMF EFF and the decline in international oil prices globally. “Investors varied over inflationary pressure and Rs436b extra taxes in federal budget 2022-23, nevertheless, the positivity did not maintain at the bourse,” it said. The rupee shed Rs0.45 or 0.21pc versus the US dollar to close at Rs211.93 in the economic sector.

Cement (39.65 points), technology and communication (28.22 points), and oil and gas exploration (28.22 points) were the main drag on the KSE-100 index (21.44 points). On the all-share index, volume decreased from 300.6m to 266.1m. There was also a decline in the value of shares exchanged from Rs9.47b to Rs8.47b in this session.

There were 23.87m shares in Pak Refinery, 23.15m shares in TPL Properties, and 16.79m shares in Cnergyico PK, the three companies with the most shares traded.

Wednesday’s trading in the stock market involved 336 different companies; 133 saw their shares rise, 176 saw their shares decrease, and 27 saw their shares stay the same.