Pakistan equities ended down by 214 points in range bound trading owing to rising economic and political tensions.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 39,836 points from last Friday’s closing of 40,050 points, showing a decline of 214 points.
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Analysts at Arif Habib Limited said that a mixed session was recorded at the PSX to kick off the business week.
The market opened in the green zone, but lack of investor involvement drove the index down into the red zone, where it remained for the rest of the trading session, swinging in both directions and eventually closing in the red. Investors chose to stay on the sidelines due to the ongoing delay in IMF negotiations.
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Volumes in the mainboard dried up, while third-tier companies continued to dominate the volume board.
Sectors contributing to the performance include Cement (-39.0 points), E&P’s (-37.2 points), Miscellaneous (-34.9 points), Technology & Communication (-33.8 points), and Commercial Banks (-27.2 points).
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Volumes decreased from 135.1 million shares to 105.9 million shares (-21.6 per cent DoD). The average traded value also decreased by -43.1 per cent to USD 6.4 million as against USD 11.2 million.
Stock that contributed significantly to the volumes are WTL JSBL KEL TELE and FCCL.
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