Pakistan stock market faced a brief downturn on Wednesday (March 6), with the benchmark KSE-100 index shedding 69 points, closing slightly lower at 65,657 points compared to the previous day’s close of 65,726 points.
At the start of the session, the market showed promise, with the index reaching an intraday high of 66,151 points, reflecting a gain of 425 points or 0.65 per cent. This initial surge was fuelled by positive sentiments surrounding the government’s economic focus.
Reports emerged indicating former prime minister Imran Khan’s directive to the finance ministry to engage in discussions with the IMF regarding the current Stand-By Arrangement (SBA) programme. This move aimed to unlock the last tranche of $1.2 billion and pave the way for a new programme valued between $6-8 billion. However, as the market approached the 66,000 level, investors opted to capitalise on profits, resulting in a reversal of the earlier gains.
The trading session witnessed notable contributions from various sectors such as FMCG, Banks, OMC, Fertiliser, and Power sectors, with companies like NESTLE, MCB, PSO, DAWH, and HUBC collectively adding 120 points. Conversely, ENGRO, MARI, and TRG faced selling pressure, causing a combined loss of 114 points.
Despite the decline, trading activity remained robust, with almost 420 million shares changing hands, totaling Rs18.2 billion in traded value. CNERGY led the volumes chart with over 30.6 million shares traded.
Market observers remain cautious about the stock market’s dynamic nature, with ongoing IMF talks and potential fund infusions expected to impact market sentiments in the days ahead. Investors are advised to stay vigilant and responsive to market developments.