Bearish sentiments prevail at PSX on first trading day of the month
- As per analysts the concerns regarding the rising number of coronavirus case, stricter lockdown and government decision reduce business timings all dented investors’ confidence.
Bearish sentiments continued on the first trading day of May at the Pakistan Stock Exchange (PSX), as the bourse closed the day on Monday in red.
Losing 632.28 pts the benchmark KSE 100 index recorded an intraday low of 43,630.07. Failing to recover all losses it ended lower by 186.15 pts at 44,076.20. The KMI 30 index declined by 130.29 pts closing at 71,346.70. While the KSE All Share index was down by 82.34 pts settling at 29,935.64.
As per analysts the concerns regarding the rising number of coronavirus case, stricter lockdown and government decision reduce business timings all dented investors’ confidence.
Overall market volumes contracted from 293.73 million shares on Friday to 238.44 mn shares. Unity Foods Limited (UNITY +4.12pc), Telecard Limited (TELE -6.97pc) and Ghani Global Holdings (GGL -6.98pc) led the volume chart. The scrips had 36.36 mn shares, 25.35 mn shares and 23.14 mn shares traded, respectively.
Sectors dragging the benchmark KSE 100 index lower included Technology and Communication sector (83.85 pts), Textile Composite sector (61.06 pts) and Cement sector (34.80 pts).
AKD Securities said that the market is likely to remain volatile in the short term with attention likely to be centered around, i) COVID's third wave and consequent business disruptions, and ii) budget-related news flows.
Company-wise, TRG Pakistan Limited (TRG 136.39 pts), The Hub Power Company Limited (29.29 pts) and Nishat Mills Limited (NML 23.86 pts) were top negative contributors.
The Technology and Communications sector lost 2.37% from its total market capitalization. Avanceon Limited (AVN 4.46%), NetSol Technologies Limited (NETSOL 7.50%) and TRG Pakistan Limited (TRG 7.13%) all closed in red.
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