Karachi: Business ended in the negative zone on Monday at Pakistan Stock Exchange, where KMI-30 Index closed at 243,225 with a loss of 1,761 points. During the day, the index touched a high of 246,194, however, the market fell due to selling pressure.
According to experts, the main reason for today’s decline was significant pressure in the energy and cement sectors. Big stocks like OGDC, PPL and HUBC dragged the market down, while a selling trend was also seen in LUCK and MLCF.
On the other hand, banking and fertilizer sectors provided some support, with MEBL and EFERT showing outstanding performance and supporting the index.
Economists say that although there was a decline on a daily basis, the index’s increase of over 31% since the beginning of the financial year (FYTD) shows that investor confidence has not completely disappeared.
However, the slight negative trend since the beginning of the year (CYTD) indicates that the market is facing external pressures, inflation and policy uncertainty.
