Bearish trade continues dominating PSX

KSE-100 decreases 2.65%, to settle at 30,520.60 points

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KARACHI

Pakistan Stock Exchange (PSX) witnessed a negative trend on Monday when the benchmark KSE-100 index lost 829 points and dropped to 30,520 points. In the previous week, the KSE-100 index gained massive 2,585 points to close at 31,350 points. Hovering in the green throughout the previous week on the back of rumors that Pakistan might exit the FATF grey list, as many as 174 million shares of indexed companies changed hands during the session.

The market value of the shares traded clocked in at Rs424 billion. Over the course of previous week, foreign investors sold a total of $4900,000 worth of shares. Earlier, the recent simmering tensions between nuclear-armed Pakistan and India over Kashmir dispute had pushed investors to adopt cautious behaviour in the trading.

Moreover, since the passage of the financial budget for the fiscal year 2019-20, the stringent policies had been reflecting themselves in the downfall of the stock market. According to a JS Global report, The local bourse closed positive on the rumors that Pakistan might exit the FATF grey list. Market analysts are expecting a positive momentum at the bourse in the days to come.

Overall, trading volumes decreased to 122.1 million shares compared with Friday’s tally of 230.7 million. The value of shares traded during the day was Rs3.8 billion. Shares of 335 companies were traded. At the end of the day, 56 stocks closed higher, 269 declined and 10 remained unchanged.

 

Lotte Chemical was the volume leader with 19.8 million shares, gaining Rs0.23 to close at Rs16.52. It was followed by Bank of Punjab with 6.98 million shares, losing Rs0.51 to close at Rs7.94 and Maple Leaf Cement with 6.6 million shares, losing Rs1 to close at Rs18.97. Foreign institutional investors were net buyers of Rs214.2 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.

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