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PSX closes flat on first trading day of week

PSX closes flat on first trading day of week

KARACHI: The Pakistan Stock Exchange (PSX) started week on flat note as the benchmark KSE-100 Index lost a modest 17 points to close at 43,931 points on Monday.

The index opened higher and peaked at 44,244 before beginning to lose points to touch a day’s low of 43,838 points shortly before trading closed.

“The market opened with news of the third round of rupee devaluation in the inter-bank market, with the exchange rate reportedly crossing Rs121.5 against greenback. Export-oriented sectors such as textiles (+1.3pc) and sectors that have dollar-linked revenues such as exploration and production (+1.1pc) and power (+1.5pc) came in limelight and traded higher,” Elixir Securities noted.

Over 160 million shares worth Rs7.7 billion were traded at the exchange. Of the 335 scrips traded in the day, 105 advanced, 209 declined and 21 remained unchanged. Commercial banks dominated trading with 41.8m shares traded.