Lacklustre activity was witnessed at the Pakistan Stock Exchange (PSX) on Monday as unappealing economic and political developments kept investors at bay, pulling the benchmark index below 40,000. The KSE-100 closed the first trading session of the week down 0.58%, while volume and value of shares traded declined considerably.
The trading session on Monday kicked off on a negative note, pushing the benchmark index to an intra-day low of 39,721.12, down 356.18 points, amid low investor participation.
At close, the KSE-100 index settled with a drop of 233.28 points or 0.58% to close at 39,844.02.
KSE-100 rises 0.62%, closes above 40,000
A report from Capital Stake stated, “The rise in political tension and further depreciation of Pakistani Rupee against the US Dollar continued to haunt investors.”
Moreover, a report from Topline Securities said a lack of contribution was witnessed as investors needed clarity over political and economic conditions ahead.
Meanwhile, Pakistan's rupee closed near the 230 level against the US dollar in the inter-bank market.
Sectors driving the benchmark KSE-100 index downwards included banking (107.83 points), fertiliser (43.52 points) and technology and communication (27.09 points).
All-time low: Rupee closes near 230 against US dollar as pressure on currency remains
Volume on the all-share index decreased significantly to 75.43 million from 171.27 million on Friday. Similarly, the value of shares traded decreased to Rs1.83 billion from Rs4.74 billion recorded in the previous session.
TPL Properties Limited was the volume leader with 9.75 million shares, followed by WorldCall Telecom with 9.32 million shares, and Lotte Chemicals with 7.99 million shares.
Shares of 289 companies were traded on Monday, of which 109 registered an increase, 160 recorded a fall, and 20 remained unchanged.
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