PSX: IMF statement encourages bears to stay put at the bourse!

KARACHI: Following the IMF’s presage about Pakistan’s growth for the fiscal year 2019 slowing down to 4.7% against govt.’s growth target of 6.2% has encouraged bearish trend on week’s second-last trading week!

Benchmark KSE-100 Index closed in the red (44,747) shedding 450 points. Rs. 6.6b worth of 144.2m shares changed hands and value of the shares of 271 companies plummeted, 85 augmented while 17 remained stagnant.

Chemical, Commercial Banking and Cement Sectors led the trading of shares today with 28.4m, 22.2m and 12.9m shares changing hands respectively.

Today’s top five traders of shares were Bank Of Punjab, 14.1m shares (-1.97pc); Lotte Chemical Pakistan Ltd., 10.7m shares (-3.43pc); Unity Foods Ltd., 8.1m shares (-4.98pc); Nimir Resins Ltd., 7.6m shares (+1.76pc); Fauji Cement Co. Ltd., 5.5m shares (+0.28pc).

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.