Finance

Rate hike in Monetary policy, shattering investors’ confidence

Karachi, May 23, 2022: The market witnessed a bloodbath session as investor remained bearish throughout the day. The bench mark KSE-100 index nosedived from the beginning of the session as increase in the political noise over the weekend and uncertainty regarding resumption of IMF Program along with continued depreciation of Pak Rupee against US Dollar and rumour of rate hike in the Monetary policy, shattering investors’ confidence. Volumes remained dull in the main board although hefty volumes were observed in 3rd tier stocks.

The Index closed at 42,440.25 points, down by 660.46 points (-1.53 percent DoD). Sectors contributing to the performance include Cement (-120.8 points), Fertilizer (-89.0 points), E&P’s (-79.9 points), Technology (-72.5 points) and Banks (-63.1 points).

Volumes decreased from 189.9 million shares to 119.0 million shares (-37.4 percent DoD). Average traded value also decreased by 6.6 percent to reach US$ 17.8 million as against US$ 19.1 million.

Stocks that contributed significantly to the volumes are SILK, WTL, KEL, GGL and CNERGY.

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