PSX snaps out of bearish streak

Staff Reporter


The Pakistan Stock Exchange (PSX) broke its bearish momentum on Monday with the benchmark KSE-100 index gaining 25 points to close at 41,649 points.The index peaked at 41,913 and hit a day’s low of 41,591 while trading sideways for most of the session.
“Investors remained concerned as government has not yet disclosed any concrete plan to address mounting current account deficit numbers,” Topline Market Research noted.
In all, 88.5 million shares worth Rs3.7 billion were traded at the exchange. Of the 306 traded scrips, 111 advanced, 173 declined and 22 remained unchanged.
Commercial banks dominated trading with 14.5m shares traded while chemical and cement sectors followed with 9.3m and 9.1m shares traded respectively. Volumes were led by: Fauji Cement Co Ltd: 6.04m shares traded [+1.23pc]; Pakistan Elektron Ltd: 5.9m shares traded [+0.73pc]; Engro Polymer and Chemicals Ltd: 5.5m shares traded [-4.38pc]; Fauji Foods Limited: 3.6m shares traded [-4.15pc], and Bank Of Punjab: 3.4m shares traded [+1.69pc].

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