The benchmark KSE-100 Index opened on a positive note and remained volatile throughout the last trading session closing in negative with a traded volume of 89 million shares.
The index closed with a loss of 326 points. KSE-100 index touched a high of 383 points and a low of 430 points in intraday trading. The volumes noted were lower than the previous trading session. The local stock market posted a bearish session after facing four consecutive bullish sessions.
The bailout package from IMF has failed to uplift Investors sentiment as they are concerned over projections of economic contraction, inflationary pressures and interest rate rise.
The market is expected to trade range-bound with profit taking expected in Oil and Gas sector owing to lower International oil prices (WTI trading at $56.79/barrel).
Investors are expected to remain cautious while selectively buying on dips in Energy and Power, Banks & Fertilizer sectors. While Sell-off is expected in cyclical sectors including Cement, Autos, Steel as the demand slowdown, high-interest rates and further increase in taxes will have serious concerns on their bottom line.