PSX begins week on negative note

• KSE-100 index sheds 61.95 points to settle at 46,539.59.
• Shares of 336 companies were traded during the session.
• Overall trading volumes dropped to 255.60 million shares.

KARACHI: The bears and bulls locked horns at the Pakistan Stock Exchange (PSX) on Monday as the KSE-100 index traded on both sides of the fence, but closed with a loss of 62 points.

The KSE-100 index endured a range-bound session, which ended on a bearish note. Selling pressure was noted in the cement, banking and technology sectors.

Rupee depreciation against the US dollar, coupled with uncertainty regarding the International Monetary Fund (IMF) programme, dented investors’ sentiment.

At the close, the KSE-100 index shed 61.95 points, or 0.13%, to settle at 46,539.59 points.

Topline Securities in its post-market commentary noted that Pakistan equities commenced the week on a positive note led by the oil and gas exploration sector on the backdrop of the rally in global oil prices and market chatter of one-time heavy dividend in the Oil and Gas Development Company and Pakistan Petroleum Stocks.

The benchmark KSE-100 index kicked off the day in the green zone and touched an intra-day high of 46,970 (+369 points), however, the market failed to sustain the momentum and closed in the red zone.

Shares of 336 companies were traded during the session. At the close of trading, 107 scrips closed in the green, 199 in the red, and 30 remained unchanged.

Overall trading volumes dropped to 255.60 million shares compared with Friday’s tally of 365.78 million. The value of shares traded during the day was Rs9.64 billion.

G3 Technologies was the volume leader with 21.23 million shares traded, losing Rs0.50 to close at Rs11.70. It was followed by Cynergico PK Limited with 17.78 million shares traded, losing Rs0.23 to close at Rs6.49 and WorldCall Telecom Limited with 15.45 million shares traded, losing Rs0.07 to close at Rs1.85.