Today, the bears triumphed over the bulls as investors struggled to comprehend the higher-than-expected interest rate hike. Despite the long-awaited announcement that Pakistan and the International Monetary Fund (IMF) had reached a staff-level agreement, the start of the roll-over week saw pessimistic momentum. Initially, only cyclical equities were targeted, and investors began to liquidate stakes. Later on, a carnage occurred as selling erupted across the board. Concerns about a foreign selling binge prompted a cautious posture on the institutional front.
The Index closed at 45,745 pts as against 46,489 pts showing a decrease of 744 pts (-1.6% DoD). Sectors contributing to the performance include Cement (-184pts), Technology (-153pts), E&P (-90pts), Ferilizer (-70pts) and Textile Composite (-36pts).
Volumes decreased from 304.2mn shares to 261.9mn shares (-13.9% DoD). Traded value also decreased by 8.8% to reach US$ 62.6mn as against US$ 68.6mn.