KARACHI  - Pakistan Stock Exchange witnessed second consecutive negative session on Wednesday owing to rising concerns over macroeconomic indicators (declining reserves), prevailing political uncertainty, and lack of any trigger. Resultantly, the benchmark KSE 100-share index lost 264 points to close at 43,441 points. 

The KSE-100 took negative turn, caused by selling pressure in blue chips. Part of IMF’s concluding remarks, relating to macro-economic balance and ballooning current account deficit were taken negative by the investors, causing selling pressure. Comparatively low volumes were seen traded in cement sector.  

DGKC, FCCL, MLCF showed low volumes and selling despite increasing cement price in north zone. Throughout the day, volume was especially low in DGKC; however, in the end trade was seen building up. Similarly, LUCK saw accumulation at the end of session, when market started losing points at pace. Lackluster activity in blue chips is evident from 31% volume traded in KSE-100 index as compared to total market volume. 

Newly listed stock AGPL continued upward trajectory closing at third upper cap in a row. Similarly, Matco Foods (MFL) surged by 4.6% as company signed agreement with Chinese vendors for supply for new machinery to expand its capacity to 30,000k tons, said Topline brokerage report. 

After rallying in last six sessions, cement sector came under pressure and snatched 80 points from index as investors booked profits.  The broader market volumes and value declined by 20% and 27%, respectively.  Volumes declined from 177.5m shares to 142.4m shares (-20% DoD). 

 Average traded value also declined by 27% DoD from $72.9m to $52.9m. 

Stocks that contributed significantly to the volumes included MFL, PIAA, UNITY, ANL and SSGC, reflecting 28% of total volumes.