Daily Times

Trading volumes on Pakistan’s stock exchange (PSX) plummeted to multi-year lows on Tuesday as the benchmark KSE-100 index declined by 0.59pc.

There was a selloff in the stock market due to the IMF’s (International Monetary Fund) program being delayed repeatedly. KSE-100 dropped 245.62 points or 0.59pc to conclude at 41,102.57. On Monday, 321 shares of 321 firms were traded, of which 119 rose, 176 fell, and 26 stayed the same. The PSX began trading with a rise before being levelled early in the morning due to a sluggish market mood. A selling frenzy ensued, and the KSE-100 index plummeted for the remainder of the day as a result of this. In the dying minutes, the drop increased, escalating the losses. Index-heavy companies in the automotive, cement, bank, fertilizer, and oil industries all fell as investors grew more pessimistic.

PSX volumes have fallen to levels last seen in August 2019, according to a new analysis from Capital Stake. Global equity markets displayed a mixed trend. With only 76.77m shares changing hands, it was the day’s lowest trading volume since August 2019. The All-Pakistan Cement Manufacturers Association provided figures showing that domestic cement sales declined by 6.65pc on a year-over-year basis, while exports fell by 47.7pc. Compared to the previous month, domestic cement sales rose by 57.78pc and exports by 65.12pc. Financial services (down 80.54 points), cement (down 50.41 points), and fertilizer were the three main drags on the KSE-100’s overall performance (35.87 points).