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PSX closes negative after shedding 510pts

PSX closes negative after shedding 510pts

KARACHI: The Pakistan Stock Exchange closes negative as the benchmark KSE 100-share Index recorded a decrease of 510.12 points or 1.21% to settle at 41,493.97.

The overbought stock market came under massive selling pressure on Monday as the KSE-100 index plunged over 900 points in intra-day trading before recouping almost half of the losses.

Earlier, the index dropped persistently from the moment trading began, shaving over 2% off the KSE-100 index in early hours.

Owing to the persistent selling pressure, the index dropped to an intra-day low of 41,033.87 points from a nine-week high of 42,004 points at close on Friday. Amid a lack of positive triggers, investors, individuals and institutions sold shares across the board.

Overall, trading volumes decreased to 214.1 million shares compared with Friday’s tally of 292.4 million. The value of shares traded during the day was Rs9.5 billion.

Shares of 366 companies were traded. At the end of the day, 102 stocks closed higher, 252 declined and 12 remained unchanged.

TRG Pakistan was the volume leader with 20.8 million shares, gaining Rs0.46 to close at Rs30.99. It was followed by Engro Polymer with 18.1 million shares, gaining Rs1.41 to close at Rs37.96 and The Bank of Punjab with 12.9 million shares, losing Rs0.27 to close at Rs13.05.