Stocks drift lower on power tariff hike
The Pakistan Stock Exchange (PSX) ended a topsy-turvy Friday in the red following the power sector regulator’s notification of an additional fuel cost adjustment of Rs4.13 per unit for November 2023. The trading on the bourse began on a positive note reversing overnight gloom but the news of a hike in industrial tariff dampened the sentiments which triggered an across-the-board selling. The benchmark index witnessed wild swings posting an intraday low of 548.74 points to 64,098.11 and a high of 289.91 points to 64,936.76. Worldwide equity markets displayed a negative trend as crude oil fell around two per cent. Brent crude declined by $1.57 to $79.01 a barrel by 11:23am EDT, after earlier rising over $1. US West Texas Intermediate crude futures fell $1.47 to $73.57. Topline Securities Ltd said negative movements were observed in several stocks, including Oil and Gas Development Company Ltd, Systems Ltd, Pakistan Petroleum Ltd, Lucky Cement Ltd and Habib Bank Ltd, resulting in a combined loss of 136 points. Conversely, Hub Power Company Ltd, Engro Corporation Ltd and Engro Fertiliser Ltd contributed to a collective gain of 94 points.