PSX witnesses bearish trend, loses 1264 points

KARACHI: The Pakistan Stock Exchange (PSX) continued with a bearish trend on Monday, as the KSE-100 index shed 1,264 points, ARY News reported.

The KSE-100 Index of the Pakistan Stock Exchange (PSX) witnessed bearish trend, losing 1,264.78 points, a negative change of 1.12 percent, closing at 111,986.89 points as compared to 113,251.67 points on the last trading day.

Analysts at Topline Securities said that the negative sentiment was driven by the lack of a positive trigger, in addition to ENGROH earnings falling short of expectations, which contributed 424 points to the decline. The shorter trading hours also put pressure on the market.

They said “Despite the downturn, overall market activity saw 207 million shares traded, with a total turnover of Rs 11.8 billion. NBP led trading volume, with 23 million shares exchanged”.

A total of 208.881 million shares were traded during the day as compared to 472.07 million shares the previous trading day, whereas the price of shares stood at Rs11.881 billion against Rs22.778 billion on the last trading day.

As many as 438 companies transacted their shares in the stock market, 86 of them recorded gains and 287 sustained losses, whereas the share price of 65 companies remained unchanged.

The three top trading companies were National Bank XD with 23.79 million shares at Rs79.10 per share, WorldCall Telecom with 17.593 million shares at Rs1.41 per share and Pak International Bulk with 11.711 million shares at Rs9.41 per share.

Hoechst Pakistan Limited witnessed a maximum increase of Rs174.39 per share closing at Rs3,182.81 whereas runner-up was Packages Limited with Rs20.59 rise in its share price to close at Rs567.59.

Shifa International Hospital Limited witnessed a maximum decrease of Rs29.08 per share price, closing at Rs431.01, whereas the runner-up was Bata Pakistan Limited with Rs 27.62 decline in its per share price to Rs1,772.38.