KARACHI: The bearish trend opened new trading week Monday as Pakistan Stock Exchange (PSX) benchmark KSE-100 index lost the psychological level of 31,000, shedding huge 334.09 points to drop to 30677.68 points level at closing.
The stocks recorded the highest trading level of 31062.84 points and lowest level of 30599.74 points, with the volume of 133.3 million shares, having about Rs 5.44 billion value. As many as 312 companies were active; of which 71 advanced, 227 declined and 14 remained unchanged.
Commercial banks was the top traded sector with 28,098,200 volume, while technology & communication remained second with 17,272,500 volume.
The three top traded companies were TRG Pak Ltd with a volume of 11,711,500 and price per share of 23.50 (-1.23), NIB Bank Limited with a volume 11,709,000 of price per share of 1.50 (-0.22), and Silk Bank Ltd with a volume 8,667,000of price per share of 1.50 (-0.13).
The top three gainers were Bata (Pak) with price per share 3400 (99.89), Philip Morris Pak with price per share of 1774 (67.03) and Sanofi-Aventis price per share of 579.99 (26.48).
The top three losers were Pak Tobacco with price per share of 1104.41 (-58.12), Ferozsons (Lab) XD with price per share of 738.54 (-38.87) and Murree Brewery per share of 721.81 (-37.99).
Earlier, the bearish trend entered another week as the Pakistan Stock Exchange opened negative and lost psychological barrier of 31,000, shedding 54.82 points to reach 30956.95 points level in early trading. The bearish trend continued till midday as the PSX another dropped 227.98 points to reach 30783.79 points level
Last week, the stock market continued its downward slide as volatile global markets and oil prices weighed heavily on the bourse, resulting in the benchmark KSE-100 index falling by 452 points (1.4%).
The week opened on a strong note on the back of a sharp rebound in oil prices over the weekend which resulted in the KSE-100 index shooting up by 464 points (1.5%) on Monday. However, the sentiment changed quickly the following day with profit-taking kicking in, after the index reached an intra-day high of 32,159, to eventually close down by 255 points at 31,673.
The KSE-100’s bearish streak continued throughout the rest of the week with oil prices again heading downwards and negative sector-specific news flows. The index would shed another 661 points (2%) in the remaining three days to end the week at 31,012. Average daily volumes fell 12% to 123.9 million shares traded per day, while average daily values also fell 17% to Rs6.62 billion per day. The Pakistan Stock Exchange’s market capitalisation stood at Rs6.53 trillion ($62.4 billion) at the end of the week.
