Karachi, April 6, 2020: The Pakistan Stock Exchange (PSX) closed lower on the first trading day of the week.
The market opened on a positive note this morning but came under the hammer nose diving 1,118 points to finally close at 30,579 levels, down 3.3 percent.
Overall market remained bearish with low volumes and limited participation due to the ongoing corona breakdown as the lockdown continues across the major cities of Pakistan.
On the economic front the IMF might delay the release of third tranche worth 450 million USD for Pakistan. Moreover, the World Bank has revised down the real GDP growth projections for Pakistan to 1.1 percent from an earlier projection of 2.4 percent.
HBL (-4.5 percent), PPL (-2.6 percent), UBL (-4.6 percent), POL (-1.8 percent), MCB (-5.0 percent), ENGRO (-3.0 percent), FFC (-3.1 percent) and LUCK (-4.7 percent) all contributed towards the negative index close. Traded value stood at $52 million, down 6 percent and volume stood at 233 million shares, down 7 percent.
Furthermore, major contribution to total market volume came from MLCF (-7.3 percent), HASCOL (0.5 percent), KEL (-7.7 percent), UNITY (-8.8 percent) and PIOC (-2.0 percent). Going forward, we expect market to remain under pressure as the coronavirus situation prevails across the globe and recommend investors to remain cautious ahead.
