The Pakistan Stock Exchange (PSX) on Monday landed in the
red as the bears dominated the session, with the benchmark KSE-100 Index
plunging 262 points to close at 38,384.
The benchmark
index showed mixed activity during the initial part of the session,
hitting a day's high of 38,703 points, up almost 59 points, soon after
the commencement of trading. Subsequently. the market adopted a negative
momentum for the rest of the session and hit a day's low of 38,337
points near the close of trading.
In all, only 50
million shares worth Rs2.67 billion changed hands during the session as
compare to 140m shares worth Rs9.1b on the last trading day.
A total of 323 companies' shares were traded, out of which 80 advanced, 229 declined, whereas 14 remained unchanged.
The communication sector dominated trading with 7.4m shares
traded, while the banking and cement sectors followed with 4.9m and 4.4m
shares traded respectively.
According to a JS Global
report, political uncertainty was responsible for the bearish momentum.
Prime Minister Shahid Khaqan Abbasi's announcement in connection with
the date of next general elections did not suffice to remove investors'
jitters, read the report.
"Volumes during the day stood
at the lowest since July 2014," the report noted, adding that the
trading value was down 71 per cent as compared to Friday's activity.
Volumes were led by:
- TRG Pak Ltd: 4.3m shares traded [-4.97pc];
- Azgard Nine: 3.4m shares traded [+0.14pc];
- Crescent Star(R: 2.2m shares traded [-21.05pc];
- WorldCall Telecom: 2.1m shares traded [-3.04pc];
- Dolmen City XD: 1.9m shares traded [+0.09pc].
