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PSX drops 758pts to close at 40,464 over low buying interest

PSX drops 758pts to close at 40,464 over low buying interest

KARACHI: The Pakistan Stock Exchange dropped massive 758 points on the first day of week on Monday amid low volumes and absence of buying interest.

Trading began on a negative note as investors opted to stay on the sidelines as elections approach. Selling pressure continued to persist with the index finishing below 40,500 mark and almost erasing the gains of the previous week. Data, however, revealed foreigners were net buyers of close to $2.3 million worth of shares.

At close, the benchmark KSE 100-share Index recorded a decrease of 757.77 points or 1.84% to settle at 40,463.98.

Overall, trading volumes decreased to 109 million shares compared with Friday’s tally of 222.7 million. The value of shares traded during the day was Rs5.1 billion. Shares of 322 companies were traded. At the end of the day, 69 stocks closed higher, 237 declined while 16 remained unchanged.

Pak International Bulk Terminal (R) was the volume leader with 10.8 million shares, losing Rs0.21 to close at Rs0.41. It was followed by K-Electric Limited with 7.6 million shares, losing Rs0.14 to close at Rs5.30 and Lotte Chemical with 5.4 million shares, losing Rs0.62 to close at Rs12.21.

Foreign institutional investors were net buyers of Rs292 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.