PSX stays bearish as KSE-100 index loses 1489 points

KARACHI: The Pakistan Stock Exchange (PSX) continued with bearish trend on Tuesday, as the benchmark KSE-100 index shed 1,489.96 more points at the closing of the market, ARY News reported.

The KSE-100 Index lost 1,489.96 points, a negative change of 1.31 percent, closing at 112,030.36 points as compared to 113,520.32 points on the last trading day.

Analysts at Topline Securities said that the negative sentiment was driven by the January rollover and weaker-than-expected results, putting additional pressure on the market.

“Despite the downturn, overall market activity was solid”, they added.

A total of 517 million shares were traded during the day as compared to 494 million shares the previous trading day, whereas the price of shares stood at Rs29.209 billion against Rs25.94 billion on the last trading day.

As many as 438 companies transacted their shares in the stock market, 95 of them recorded gains and 280 sustained losses, whereas the share price of 63 companies remained unchanged.

The three top trading companies were WorldCall Telecom with 67 million shares at Rs 1.69 per share, Sui South Gas with 29 million shares at Rs38.14 per share and Cnergyico PK with 28 million shares at Rs7.36 per share.

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Rafhan Maize Products Limited witnessed a maximum increase of Rs99.99 per share closing at Rs 9,299.99 whereas runner-up was Lucky Core Industries Limited with Rs29.85 rise in its share price to close at Rs1,175.22.

Hoechst Pakistan Limited witnessed a maximum decrease of Rs66.70 per share price, closing at Rs 3,000, whereas the runner-up was Pakistan Engineering Company Limited with Rs53.44 decline in its per share price to Rs707.83.