PSX loses 211 points settled at 66012 points

The 100-index of Pakistan Stock Exchange (PSX) witnessed selling pressure on Monday, losing 211.31 points, a negative change of 0.32 percent, closing at 66,012.33 points against 66,223.63 points the previous trading day.

The Pakistan stock market experienced a volatile session, swinging in a wide range of 1,435 points between 66,564 (+340.41) and 65,129 (-1,094.63) points.

A total of 1,215,932,469 shares valuing Rs.33.423 billion were traded during the day as compared to 1,329,550,091 shares valuing Rs.33.377 billion the last day.

The analysts pointed out that the State Bank of Pakistan (SBP) will announce its Monetary Policy Com­mittee (MPC) meeting on Dec 12 to set the benchmark interest rate for the next two months. There is a consensus that any upward revision is unlikely from the current policy rate of 22pc.

While most analysts anticipate no change in the current Monetary Policy Statement (MPS), any unexpected adjustment in interest rates — whether upward or downward — could have a significant impact on the market

Some analysts commented that the market seems currently in an “overbought territory” and was likely making corrections ; some however in near future, seeing the possibility of the index crossing the 74,000 milestone.

Today Mari Petroleum Company Limited (MARI) became the seventh listed company with over $1 billion market value. Mari ’s market capitalisation stood at Rs288.95 billion or over $1 billion.