KARACHI: Pakistan stock lost 286 points on Monday owing to ongoing political unrest in the country and higher commodity prices in the international markets.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,367 points as against 43,653 points, showing a decrease of 286 points.
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Analysts at Arif Habib Limited said that range bound session was observed today due to political unrest.
Market opened in the green zone and stayed volatile throughout the day. Main board activity remained dull.
On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, across the board selling was witnessed which led the index to close in the red zone.
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Analysts at Topline Securities said that Pakistan equities closed on a negative note where lackluster activity has been witnessed at the bourse. Uncertainty over Local politics and higher international commodities prices kept the investor confidence in check.
Investors interest mostly witnessed in Fertilizers sector over increasing urea prices where EFERT,FFC and FFBL closed on a higher note.
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PSX recorded 20-month lowest volume of 114 million shares today. Last seen on Jun 05, 2020 of 89 million shares.
Sectors contributing to the performance include E&P (-57.7 points), Banks (-56.7 points), Cement (-56.5 points), Technology (-52.2 points) and Power (-29.0 points).
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Volumes decreased from 149.3 million shares to 115.1 million shares (-22.9 per cent DoD). Traded value also decreased by 30.8 per cent to reach US$ 20.4 million as against US$ 29.4 million.
Stocks that contributed significantly to the volumes include FLYNGR1, PAELR3, GGL, TELE and TPLP.
