The Pakistan Stock Exchange (PSX) fell for a record-leveling 11th straight day on Monday as investors opted for panic selling amid news of cheap Iranian cement influx in Pakistan while downward trend of international equity markets also hurt investors’ sentiment.
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-Index declined by 1.2 per cent or 373.09 points to 30,628.40 points on Monday when compared with 31,001.49 points reported on Friday.
The main index has slumped by 3,294.65 points during the last 11 trading sessions, which has happened for the first time since the 2008 financial crisis.
The KSE All Share Index shed 1.17 per cent or 254.07 points to 21,403.47 points, the KSE 30-Index dipped by 1.29 per cent or 233.77 points to 17,824.44 points, the KMI 30-Index slipped by 1.15 per cent or 608.23 points to 52,226.91 points, whereas the Islamic All Share Index dampened by 1.15 per cent or 169.66 points to 14, 550.61 points.
During Monday’s trading session, the main index moved in a healthy band of 1,216.89 points as it touched an intraday high of 31,001.49 points against an intraday low of 29,784.60 points.
Investors went for a selling spree in cement stocks following the overplayed rumor of cheap Iranian cement influx in Pakistan which forced the key index to plunge by over 1,200 points. Maple Leaf Cement and Lucky Cement were the worst struck scrips but both later recovered to close in the green range.
Market volumes improved by 52.84 per cent or 72.692 million shares to 210.253 million shares on Monday when compared with 137.561 million shares posted on Friday.
Market capitalisation decreased by 1.18 per cent or Rs 77.612 billion ($760.903 million) to Rs 6.491 trillion ($63.639 billion) whereas trade value surged by 52.53 per cent or Rs 3.631 billion ($35.605 million) to Rs 10.545 billion ($103.386 million).
Among 342 active scrips on Monday, prices of 227 issues depleted, 98 managed to advance, whereas values of 17 other companies stayed unchanged.
Karachi Electric Limited, TRG Pakistan Limited, and Dera Ghazi Khan Cement were the top traded companies with turnovers of 15.866 million shares, 14.133 million shares and 10.566 million shares, respectively.
Hinopak Motor was the top price gainer with an increase of Rs 32.05 (31.42 cents) to Rs 1,119.75 ($10.97) while on the other hand Ferozsons Laboratories led the major price shedders with a decrease of Rs 58.91 (57.75 cents) to Rs 1,148.21 ($11.25).
