PSX benchmark plunges 293 points

Staff Reporter


The Pakistan Stock Exchange (PSX) commenced the week on a negative note, with the benchmark KSE-100 Index plunging 293 points to close at 43,515 points.
The benchmark showed some positive activity in the first few minutes of the session to hit a day’s high of 43,900 points. However, the benchmark could not sustain the momentum and adopted a negative trend for the rest of the session.
It hit a day’s low of 43,461 points near the end of the session.
In all, 215.3 million shares worth Rs7.9 billion changed hands over the day.
According to an Elixir Securities report, the PSX experienced lacklustre trading activity. After initial positive momentum, “the lack of immediate triggers prompted most institutional investors to stay on the sidelines”, it read.
“Mainboards stocks, in particular, witnessed dreary activity and skidded lower on dull volumes with index-heavy financials taking the lead in declines,” the report maintained. According to the report, the volumes chart was dominated by small-cap scrips. Overall, textile scrips dominated trading with 38.2m shares traded, while the chemical and communication sectors followed with 24.9m and 19.6m shares changing hands.
Volumes were led by: Azgard Nine: 34.2m shares traded [-5.30pc]; TRG Pak Ltd: 12.1m shares traded [+2.06pc]; Aisha Steel Mill: 9.6m shares traded [-2.07pc]; K-Electric Ltd: 8.06m shares traded [-0.15pc] and Dewan Motors: 8.3m shares traded [+4.99pc].

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