- Weak investor sentiment triggers sell-off at equity market
Selling pressure persisted at the Pakistan Stock Exchange (PSX) on Monday as the KSE-100 Index extended losses and fell 0.46%.
Investor sentiment turned weak, dragging down the trading volume and value. By the end of the session, the KSE-100 Index fell 193.05 points or 0.46% to close at 41,755.45.
Trading began on a mixed note and the KSE-100 index traded in a narrow range till mid-day. Selling pressure became dominant in the final hours of the trading session and the market closed with a loss.
Automobile, cement, banks and oil spaces closed on a negative note, however, fertiliser sector closed mixed.
A report from Capital Stake stated pessimistic sentiments prevailed at the PSX on first trading session of the week.
“The benchmark KSE-100 index traded in red for most part of the day while volumes declined from previous close,” the statement said.
A report from Arif Habib Limited stated that a range bound session was witnessed at the PSX.
“The benchmark KSE-100 index shed 193.05 points at the end of the trading session after starting the day in the green due to political unrest,” the report said.
“The volumes declined dramatically in the main board however, decent volumes were recorded in the third tier stocks.”
On the economic front, the government decided to maintain the petrol price at Rs224.80 for last days of October.
Moreover, Pakistani rupee registered a decline for the fourth successive session against the US dollar and depreciated 0.21% or Re0.46 in the inter-bank market to close at 218.89.
Sectors driving the benchmark KSE-100 index lower included oil and gas exploration (49.48 points), cement (32.13 points) and technology and communication (15.53 points).
Volume on the all-share index more than halved to 144.3 million from 328.7 million on Friday. Similarly, the value of shares traded nosedived to Rs4.7 billion from Rs9.61 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 18 million shares, followed by Dewan Cement with 6.8 million shares and Lotte Chemical with 5.8 million shares
Shares of 348 companies were traded on Monday, of which 127 registered an increase, 205 recorded a fall, and 16 remained unchanged.