Karachi: Business remained under severe pressure on the Pakistan Stock Exchange (PSX) on Monday, where major market indices closed with a significant decline due to the cautious strategy of investors and selling trend in major sectors. Selling pressure in banking, fertiliser and energy sectors affected the overall market performance.
At the close of the market, the KSE-100 index closed at 179,927.05 points, down 2,314.73 points, or 1.27 percent. The highest level of the index was recorded at 181,148.27, while the lowest level was recorded at 179,448.52 during the trading session. Trading began at 180,125.79 points.
According to the data, the total trading volume of shares of companies included in the KSE-100 index was 365.01 million shares. Since the beginning of the current financial year, the index has recorded a total decline of 0.21 percent, while since the beginning of the calendar year, it has recorded a growth of 3.37 percent.
The prominent stocks that played a positive role in the market included GHNI, ATRL, PSO, CNERGY and GHGL, which tried to support the index. On the other hand, selling pressure on UBL, MEBL, FFC, HUBC and LUCK affected the overall index the most.
Meanwhile, the KMI-30 index also closed with a negative trend. The index fell by 3,382.29 points, or 1.32 percent, to 253,531.92 points. Its highest level during the trading session was 255,248.89, while its lowest level was 253,069.73 points.
The total volume of shares of companies included in the KMI-30 was recorded at 109.38 million shares. Since the beginning of the financial year, this index has decreased by 1.47 percent, while it has increased by 2.01 percent during the calendar year.
GHNI, ATRL, PSO, NRL and PRL added positive points in this index; however, significant declines in MEBL, HUBC, LUCK, ENGRO and FFC pushed the overall performance in a negative direction.
According to market experts, investors remained cautious in the recent session due to profit-taking, global economic uncertainty and selling pressure in major sectors. They say that in the next few sessions, economic indicators, corporate results and policy developments can play an important role in determining the direction of the market.
