Wednesday Nov 17, 2021
KARACHI: Stocks at the Pakistan Stock Exchange (PSX) ended lower on Wednesday, as soaring inflation sparked concerns that central bank officials would tighten monetary policy in their upcoming meeting.
In a surprise move, the State Bank of Pakistan (SBP) had on Tuesday decided to move its next meeting forward from the previously announced date of November 26, 2021.
The Monetary Policy Committee (MPC) will now convene at SBP Karachi on Friday, November 19. The change in schedule has sparked speculation that the State Bank may be tightening interest rates to control inflation.
Moreover, investors today kept a wary eye on developments on the political front, with the joint sitting of the Parliament today forcing many to watch from the sidelines during the session.
At close, the benchmark KSE-100 index was down 348.49 points, or 0.75%, at 46,194.42 points.
During the session, shares of 343 companies were traded. At the close of trading, 83 stocks closed in the green, 241 in the red, and 19 remained unchanged.
Overall trading volumes dropped to 238.5 million shares compared with Tuesday’s tally of 243.2 million. The value of shares traded during the day was Rs10.12 billion.
Service Fabrics was volume leader with 18.9 million shares traded, losing Rs0.12 to close at Rs11.94. It was followed by TRG Pakistan with 15.96 million shares traded, losing Rs9.78 to close at Rs120.67, and Ghani Global Holdings with 13.96 million shares traded, losing Rs2.08 to close at Rs31.65.