The Pakistan Stock Exchange (PSX) experienced a decline on Monday, with the KSE-100 Index dropping 0.53% due to a lack of investor interest. The delay in resuming the International Monetary Fund (IMF) programme caused investors to lose confidence and sell their holdings. The KSE-100 Index closed at 39,835.9, a decrease of 213.75 points.
After an initial upward trend, the market traded flat before selling pressure caused the KSE-100 Index to fall. The decline continued throughout the day, with cement, chemical, banking, and oil sectors experiencing losses.
According to a report from Arif Habib Limited, the market opened in the green zone but lack of investor involvement drove the index down. Investors chose to stay on the sidelines due to the ongoing delay in IMF negotiations. Volumes in the mainboard dried up, while third-tier companies continued to dominate the volume board.
On the economic front, remittances sent home by overseas Pakistanis fell by 10.66% year-on-year to $2.5 billion in March 2023. However, on a month-on-month basis, an increase of 27.41% was recorded.
Volume on the all-share index dropped to 105.9 million from 135.1 million on Friday, and the value of shares traded fell to Rs1.8 billion from Rs3.2 billion recorded in the previous session.
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