PSX turns bearish as KSE-100 loses 1360 points

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bearish trend on Monday as the benchmark KSE-100 index shed 1,360 points at the closing of the market, ARY News reported.

The 100-Index of the Pakistan Stock Exchange (PSX) losing 1,360.16 more points, a negative change of 1.18 percent, closing at 113,520.32 points as compared to 114,880.49 points on the last trading day.

Analysts at Topline Securities said that this negative trend can largely be attributed to the weaker-than-expected financial results of MARI, which dampened investor sentiment.

They said, “The company reported an earnings per share (EPS) of Rs. 9.3, with no cash payout, falling below market expectations and contributing significantly to the bearish activity observed during the trading session”.

“Substantial declines in MARI, ENGROH, PSO, HUBC, and PPL weighed heavily on the market, accounting for a combined loss of 783 points”, they added.

A total of 494 million shares were traded during the day as compared to 632 million shares the previous trading day, whereas the price of shares stood at Rs25.940 billion against Rs37.8 billion on the last trading day.

As many as 442 companies transacted their shares in the stock market, 97 of them recorded gains and 298 sustained losses, whereas the share price of 47 companies remained unchanged.

The three top trading companies were Sui South Gas with 51 million shares at Rs 39.53 per share, Cnergyico PK with 50 million shares at Rs7.57 per share and WorldCall Telecom with 29 million shares at Rs1.73 per share.

Unilever Pakistan Foods Limited witnessed a maximum increase of Rs395.46 per share closing at Rs 21,995.45 whereas runner-up was Archroma Pakistan Limited with Rs 43.51 rise in its share price to close at Rs478.56.

Mari Energies Limited witnessed a maximum decrease of Rs48.13 per share price, closing at Rs 536.46, whereas the runner-up was Colgate-Palmolive (Pakistan) Limited with Rs 40.10 declince in its per share price to Rs1,497.