PESHAWAR: The Pakistan Stock Exchange market opened negatively and decreased by 715 points to close at KSE100: 46,399 with volume traded at 130.93 million shares.
As per media reports, the government is likely to remove subsidies on gas which will have negative implications on textile, fertilizer, chemical and overall economy; whereas, it is cash flow positive for both SSGC and SNGP. Major volume leaders remain the retail picks which were TELE, FFLR1, FNEL and WTL with cumulative volume traded of around 130 Mn shares.
Read more: Pakistan stock exchange climbs 761.50 points
Muhammad Jawad Vohra of BMA of BMA Capital Management limited said that n the short run, the market will likely to trade around 47,000 indexes until clarity on the International Monitory Fund (IMF) program.
Last week, bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Monday, pushing the KSE-100 index up by over 1000 points in intra-day trading. The comeback was mainly due to the Saudi Arab’s financial support and agreement with the Tehreek-e-Labbaik Pakistan (TLP).
The experts were of the view that the market is expected to stabilize and wold record modest gains in the upcoming days.