Pakistan Market Review: Investors opted to stay sideline before the aforesaid

Karachi, May 23, 2022: Pakistan equities had a bearish session today ahead of Monetary Policy Committee (MPC) meeting in the evening today. Investors opted to stay sideline before the aforesaid announcement where street expectation is 100bps increase in the benchmark interest rates.

Initially, market opened on a negative note and remained negative throughout the day. During the trading hours, benchmark index made an intraday low at 42,345 (-756 points; down 1.75 percent) but eventually settled at 42,440 (-661 points; down 1.53 percent) for the day.

Cement, Tech, Power, Fertilizer and E&P sector’s stocks contributed negatively today to the benchmark index where LUCK, SYS, HUBC, FFC & OGDC lost 221 points, cumulatively. On the flip side, MUREB, HMB & BAFL have seen some buying interest as they added 8 points collectively today.

119 million shares traded today at the bourse while total value clocked in at Rs3.6bn. SILK was the volume leader of the day with trading of 9.9 million shares in it, today.

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