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PSX drops 316pts amid selling in cements, steel sectors

PSX drops 316pts amid selling in cements, steel sectors

KARACHI: The Pakistan Stock Exchange on Monday decreased by 315.58 points or 0.76% to close at 41,004.55.

Earlier, trading kicked off on a positive note, but gains could not be sustained and after the first hour the index went on a downward trajectory. At one point during the day, the KSE-100 fell more than 400 points.

Investors remained cautious as uncertainty surrounded Saudi Arabia’s participation in the China-Pakistan Economic Corridor.

Lack of clarity on overall economic policies of the government prevented the market from gaining any momentum, pushing investors to the sidelines.

Cement stocks were major laggards of the day with Lucky Cement (-3.75%) and DG Khan Cement (-5%) falling heavily.

Steel stocks also took the brunt of selling with International Steels down 4.15% and Mughal Iron and Steels 2.89%.

On the result front, Sazgar Engineering Works (-5%) announced its FY18 result, posting earnings per share of Rs8.62.

Overall, trading volumes decreased to 98.6 million shares compared with Wednesday’s tally of 158.7 million. The value of shares traded during the day was Rs4.9 billion.

Shares of 375 companies were traded. At the end of the day, 83 stocks closed higher, 266 declined and 26 remained unchanged.

Lotte Chemical was the volume leader with 9.4 million shares, losing Rs0.82 to close at Rs13.69. It was followed by K-Electric with 6.1 million shares, losing Rs0.07 to close at Rs5.31 and Unity Foods with 5.4 million shares, losing Rs1.87 to close at Rs35.63.