Bloodbath at PSX sheds 937 points
Decline comes on back of massive institutional selling following signing of IMF deal
SLAMABAD/ LAHORE/ KARACHI
The Pakistan Stock Exchange (PSX), a day after the government announced a $6 billion International Monetary Fund (IMF) package, experienced a bloodbath on Monday, with the benchmark KSE- 100 Shares Index shedding 937 points a loss of more than 2.7 per cent during intra-day trading. Trading opened at 34,716 points and showed an upward activity for a few minutes before adopting a negative trajectory for the rest of the session.
The market closed at 33,900 points down 816 points or 2.4 per cent. The benchmark touched a day’s high at 35,228 points up 512 points during first few minutes of the session. It touched a day’s bottom at 33,779 points down 816 points or 2.4pc near the end of the session. As many as 89.9 million shares of the benchmark companies, worth Rs4.7 billion, changed hands during the session.
The K-Electric Limited (KEL) led the most active stocks as 9.8 million shares changed hands. Its shares lost 5.69pc of their value. The Maple Leaf Cement (MLCF) followed with 7.1m shares whereas its shares lost 4.98pc of their value. The Bank of Punjab (BoP), Pakistan International Bulk Terminal Ltd (PIBTL) and Unity Foods Limited (UNITY) followed with 6.8m shares, 6.5m shares and 4.7 m shares changing hands. Their shares also lost value by 6.5pc, 8.2pc, and 8.4pc respectively.
Investors held the tough conditions attached with the IMF bailout package responsible for bearish rule at the bourse.