ISLAMABAD: Opened with positive note, the Pakistan Stock Exchange became bearish after shedding 156 points to drop to 384490 points level till midday on Monday.
Earlier, the stocks started new week on slightly positive note and added 43 points to reach 36689 points level in early trading.
Last week, the index plummeted for the fifth consecutive week with benchmark KSE-100 index posting 1.1 percent WoW decline to close at 38,646 points level.
Heavyweights such as Cements (down 6.0 percent WoW), OMCs (down 1.1 percent WoW), Banks (-0.5 percent WoW) and Autos (down 3 percent WoW) extending losses. Some gains were posted by E&Ps (up 1.4 percent WoW), but the performance remained insufficient to counter across-the-board free-fall. Market participation also suffered with average traded volumes (down 4.4 percent WoW to 135 million), witnessing a decline.
Experts said that Benchmark KSE-100 index fell 1.1 percent WoW to close at the 38.6k mark. Volatility in currency and political uncertainty, where National Assembly Speaker’s comments that assemblies would not complete their tenures, led the market falling to new lows.
Stocks including LUCK (-8 percent WoW), ISL (-11 percent), DGKC (-7 percent), SEARL (-7 percent) and UBL (-2 percent) held 255pts from the index, while PPL (+3 percent), ENGRO (+3 percent), HBL (+2 percent), OGDC (+1 percent) and SNGP (+5 percent) added 208pts. On the sector front; Engineering & Refineries shed 8 percent, Cement & Pharma were down 7 percent, Autos lost 3 percent, Banks -1 percent, while E&Ps & Fertilizer gained 1 percent & Tobacco was up 2 percent.
Foreigners sold $8.9m during the week (vs. buying of $1.0m last week). On the local front, banks were net the buyers of $11.3 million worth of shares whereas individuals were net sellers of $17.8 million.
