ISLAMABAD: The Pakistan Stock Exchange (PSX) witnessed a sharp decline on Monday, with the benchmark KSE-100 Index plunging 1,510.71 points on the first trading day of the week.
The index closed at 112,745.01 points, down 1.32% from the previous session’s 114,255.73 points, as selling pressure gripped key sectors.
Selling was observed in chemical, commercial banks, fertilizer, oil and gas exploration companies, OMCs, power generation, and refinery sectors. Index-heavy stocks including NRL, PRL, HUBCO, OGDC, PPL, POL, PSO, SHEL, SNGPL, and MCB traded in the red.
“Global markets are under pressure, but that will have no impact on the Pakistan market, which has been driven mostly by domestic liquidity. We advise profit taking on higher levels; however, energy stocks have been under pressure lately and could be offering attractive levels,” said Intermarket Securities.
On Monday a total of 401,456,556 shares were entertained during the day as compared to 543,124,378 shares the last working day, whereas the price of shares stood at Rs 20.351 billion against Rs 27.973 billion on the previous trading day.
As many as 450 companies transacted their shares in the stock market, 137 of them registered gains and 262 met losses, whereas the share price of 51 companies remained unchanged.
The three top trading companies were WorldCall Telecom with 26,261,284 shares at Rs 1.63 per share followed by Bank of Punjab with 24,695,262 shares at Rs 10.23 per share whereas Ghani Chemical settled with 22,003,898 shares at Rs 20.03 per share.
Unilever Pakistan Foods Limited recorded a maximum increase of Rs 77.83 per share closing at Rs 22,383.33 whereas Sazgar Engineering Works Limited was the runner-up with Rs 39.19 rise in its share price to close at Rs 1,062.95.
Sapphire Fibres Limited witnessed a maximum decline of Rs 68.45 per share price, closing at Rs 1,060.55, whereas the runner-up was Rafhan Maize Products Company Limited with a decline of Rs 65.30 in its per share price to Rs 9,483.33.
During the past week, the PSX remained under pressure as the benchmark KSE-100 index declined by 624.76 points on a week-on-week basis and closed at 114,255.73 points.
ALSO READ: Trump Appears to Spare Britain Tariffs
Chinese stocks listed in Hong Kong tumbled on Monday, and the yuan hit a record low in offshore trading as markets reopened after the Lunar New Year holidays. The decline was driven by growing concerns over a potential trade war following the imposition of sweeping tariffs by US President Donald Trump.
Trump slapped China with a 10 percent levy at the weekend as he had threatened last month, calling the measures necessary to fight illegal immigration and the drug trade.
