In the absence of any positive triggers the Pakistan Stock Exchange recorded another negative close. The KSE100 index lost 152 points to settle at 48,481.

The exchange opened on a positive note however selling pressure at those levels caused it to recede into red by noon. The index further continued its slow decline all the way to the closing bell. The market can be expected to remain listless in the absence of any positive triggers.

Announcement of an increase in petroleum levy caused an increase in ex-depot prices across the board. Higher prices can indicate an increase in inflation as Diesel is a main component in the transport of goods and services across the country. Several investors remain on the sidelines due to inconclusive IMF talks. Clarity on the IMF front can cause investors to shed their cautious stance and bring further gains to the PSX.

Pakistan also has potential to come out of the FATF grey list. The country has successfully made progress on 26 points out of the proposed 27-point Action Plan. An international review group is scheduled to meet virtually to discuss Pakistan’s progress.

Global oil markets continue to post recovery as curbs ease and stockpiles begin to dwindle. Global benchmark Brent oil is closing in on the $75 per barrel mark showing a significant recovery from dips withing the $30 range at the height of the pandemic.

At the closing bell 161 companies had advanced with 205 closing in the red. 22 scrips remained unchanged.

Market participation for the KSE100 Index decreased to 409m from 699m (-41% on d/d basis). Major contribution to total market volume came from KEL, WTL and BYCO combined for 265m shares out of the total market volume of 937m shares.