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KSE-100 sheds another 487 points due to bearish sentiments
A man takes a nap on a couch under an electronic board displaying share prices during trading session at the Karachi Stock Exchange April 2, 2014. REUTERS/Akhtar Soomro/File Photo

KSE-100 sheds another 487 points due to bearish sentiments

KARACHI: Continuing with the recent declining trend, the Pakistan Stock Exchange (PSX) ended the session on Tuesday in the red. Indices drove in reverse direction from the word go while the volumes sank further. Foreign investors closed as net sellers on Monday with a net outflow of $2.13 million.

On the economic front, Pakistan signed three loan agreements worth a total of $918 million with the World Bank. The funds received will be used in three programmes namely, Pakistan Raises Revenue Programme, Higher Education Development in Pakistan and Khyber Pakhtunkhwa Revenue Mobilisation and Resource Management Programme.

As per media reports, Qatari Emir Sheikh Tamim bin Hamad Al-Thani will visit Pakistan on June 23. He also announced to invest $22 billion in different sectors of Pakistan.

After losing 560.21 points, the KSE-100 Index benchmark reached its intraday low of 34,608.61. It ended lower by 487.10 points at 34,681.72. The KMI 30 Index declined by 1,058.65 points or 1.88pc to end at 55,245.93, while the KSE All Share Index fell short by 297.53 points, closing at 25,359.99. The advancers to decliners ratio stood at 64 to 221.

Market volumes dipped from 128.14 million in the preceding session to 104.13 million. Maple Leaf Cement Factory Limited (MLCF -4.13pc), TRG Pakistan Limited (TRG -4.62pc) and Pakistan International Bulk Terminal Limited (PIBTL -0.35pc) were the top picks of the day. The scripts had exchanged 14.73 million shares, 7.33 million shares and 5.56 million shares respectively.

The cement sector once again ended the session in the red. DG Khan Cement Company Limited (DGKC) was down by 4.03pc, Bestway Cement Limited (BWCL) by -3.56pc, Fauji Cement Company Limited (FCCL) by -2.78pc and Lucky Cement Limited (LUCK) by -1.96pc.

The oil and gas marketing companies also closed the day negative. Sui Northern Gas Pipeline Limited (SNGP -4.17pc), Pakistan State Oil Company Limited (PSO -3.36pc), Hascol Petroleum Limited (HASCOL -4.99pc) and Sui Southern Gas Company Limited (SSGC -3.35pc) all ended as losers.