Stock market ends down by 39 points in lackluster trading

Stock market ends down by 39 points in lackluster trading

KARACHI: The stock market fell by 39 points on Monday in lackluster trading activity during the day. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 46,918 points from last Friday’s closing of 46,957 points.

Analysts at Topline Securities said that a lackluster session was observed at the bourse during the day.

To note, concerns regarding a ballooning trade deficit number coupled with a potential reclassification of Pakistan from the MSCI Emerging Market Index to the MSCI Frontier Market Index kept the investors at bay.

On the results front, FCCL announced its FY21 EPS of 2.52 as compared to an LPS of (0.04) in the corresponding period last year. However, the stock succumbed to selling pressure as investors seemed disappointed over no payout after which the stock closed at Rs19.50 (down 2.69 per cent).

Volumes continued to remain depressed as the total volume for the KSE 100 Index clocked in at 94.25 million shares while the total turnover in the KSE All Share Index was recorded at 416.15 million shares.

The volume leader in today’s session was TPL with 59.66 million shares exchanging hands.