PSX turns bearish, KSE-100 sheds over 1,991 points

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed in a red zone on Thursday as analysts say that the ongoing security concerns at the borders are affecting investor sentiments, ARY News reported.

KSE-100 shed 1,991.49 points, or negative 1.77 percent to settle at 110,423.32 points, from 112,414.81 points on the last trading day at the stock market.

A total of 628 million shares were traded during the day as compared to 880.6 million shares the previous trading day.

The price of shares stood at Rs33.58 billion as compared with Rs54.46 billion on the last trading day at the Pakistan Stock Exchange.

Analysts at Topline Securities said, “The benchmark index experienced a decline, closing the session at 110,423 points, down by 1,991 points or 1.77%”.

They said that the market has been influenced by increased leverage and the expiry of December contracts, furthermore, the ongoing security concerns at the borders are affecting investor sentiment.

As many as 450 scrips were active in the stock market, out of which, 113 recorded gains and 284 sustained losses while the share price of 53 companies remained unchanged.

Fauji Foods Ltd remained the top-trading company with 93.34 million shares at Rs16.39 per share, followed by WorldCall Telecom with 49.88 million shares at Rs1.72 per share.

TRG Pak Ltd remained the third with 46.91 million shares to settle at Rs70.45 per share at the closing of the PSX.

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Nestle Pakistan Limited was the top gainer with an increase of Rs198.81 per share price to close at Rs7,430, followed by Mitchells Fruit Farms Limited with Rs17.44 rise in its per share price to Rs266.05.

Unilever Pakistan Foods Limited recorded a decline of Rs232.60 per share closing at Rs20,767 followed by Rafhan Maize Products Company Limited with Rs198.10 decline to close at Rs9,001.