KARACHI: The Pakistan Stock Exchange (PSX) Monday started week on bearish note as the benchmark KSE-100 index plunged by 94 points to close at 44,457 level.
The index had opened higher and touched a peak of 44,856 points within the first few minutes, but could not sustain the positive momentum. The market eventually slid to a day’s low of 44,338 points near the close of the session.
In all, 192.3 million shares worth Rs8 billion changed hands. Of the total of 362 traded scrips, 148 advanced, 197 declined and 17 remained unchanged.
“The benchmark index traded in a 500-point range. Initial excitement, surrounding the discount rate hike, was seen in the banking and cash-rich auto sector,” a Topline Securities report read. “However, the selling pressure was seen in the broader market as investors weighted the negative impact of the rate hike on other sectors and companies,” it added.
“Participation declined as traded volumes dropped by 29 per cent, whereas traded value was down 12pc,” the report read.
The banking sector dominated trading with 50.1m shares traded; cement and chemical scrips followed with 32.7m and 10.8m shares traded respectively.
On Friday, the stocks witnessed a choppy session, with the 100-share index closing at 44,551 points, down 266 points. Volumes also remained healthy at 271 million shares compared to 246m shares traded Thursday. KEL (+1.62 percent) led the volume chart for the day with more than 39m shares of the power company exchanging hands.
Net sales decreased by 6 percent YoY as an increase in volume by 5.7 percent YoY was offset by 1.3 percent YoY decline in retail prices. However, on QoQ basis, net sales increased by 8 percent QoQ due to increase in sales volume of 15 percent QoQ.
