KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 366 points on Monday due to selling pressure during the day.
The index closed at 47,124 points as against last Friday’s closing of 47,490 points, showing a decline of 366 points.
Analysts at Arif Habib Limited said that the market took negative turn today, primarily due to the sell-off in technology stocks.
Institutional investors were on the selling side, partly due to redemptions and otherwise due to concerns on rising current account deficit and inflation on the back of possible tariff hike.
Technology, construction, steel sectors declined the most, whereas other sectors also bore the brunt because of weak sentiment.
Few prominent scrips that could hold ground include UBL, MCB, POL. Among scrips, WTL topped the volumes with 42.1 million shares, followed by FFL (17.4 million) and GGL (17.3 million).
Sectors contributing to the performance include Cement (-87 points), Technology (-69 points), Power (-30 points), Fertilizer (-29 points) and O&GMCs (-25 points).
Volumes declined from 499.7 million shares as against 337.3 million shares (-33 per cent DoD). Average traded value also declined by 17 per cent to reach US$ 69.2 million as against US$ 83.36 million.
Stocks that contributed significantly to the volumes include WTL, FFL, GGL, BYCO and TELE, which formed 32 per cent of total volumes.
Stocks that contributed positively to the index include MCB (+13 points), HMB (+9 points), HINOON (+4 points), FCEPL (+4 points) and ABOT (+3 points). Stocks that contributed negatively include TRG (-55 points), LUCK (-42 points), HUBC (-27 points), ENGRO (-24 points) and GHGL (-17 points).
