On pre-budget uncertainties and the World Bank’s prediction of a moderate growth rate of 4% for the fiscal year 2023, Pakistan’s stock market closed flat on Wednesday amid light trade.
Mid-session support was seen in the market, according to Ahsan Mehanti of Arif Habib Corp, as the rupee recovered versus the dollar in the interbank market.
“Reports on falling cement dispatches by 15.85 percent in May 2022 and a record Rs7.25 trillion tax target set for the federal budget to resume the IMF bailout program played a catalyst role in the negative close,” he added.
The KSE-100 shares Index of the Pakistan Stock Exchange fell 0.04 percent, or 15.25 points, to settle at 41,553.16 points. The KSE-30 Index rose 0.17 percent, or 27.46 points, to 15,876.86 points at the close.
According to an analyst at Arif Habib Limited, the market remained under pressure throughout the day due to concerns about the impending budget and rising prices.
“The benchmark KSE-100 Index experienced a volatile session, with investors opting to stay sideways as lackluster volume was seen in main board stocks while hefty volumes were seen in third-tier stocks,” he said.
“The banking sector remained in the red zone due to expectations of higher taxes and other tax increases in the upcoming budget,” he explained.
There were 321 scrips active, with 137 advancings, 158 declinings, and 26 remaining constants.
The available market volume was 151.12 million shares, compared to 157.43 million shares in the previous trading session.
Rafhan Maize increased by Rs155 to close at Rs9,955 per share, while Nestle Pakistan increased by Rs149.98 to close at Rs5,800 per share.
Sapphire Fiber, which lost Rs49 to close at Rs1,100/share, and Indus Motor, which lost Rs28.70 to close at Rs1,198/share, were the two businesses that suffered the largest losses.
With a turnover of 11.82 million shares, Unity Foods Ltd had the largest volume. D G K Cement, which had a turnover of 9.62 million shares, came in second with a gain of 38 paisas to close at Rs20.45/share. It fell 53 paisas to Rs56.13 per share. With 8.25 million shares traded, Oilboy Energy(R) stayed in third place. It finished at Rs2.77/share, up 67 paisas.