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PSX drops another 564pts till midday

PSX drops another 564pts till midday

KARACHI: The Pakistan Stock Exchange (PSX) remained bearish till midday as it dropped hug 564 points to reach 41589 points level on Tuesday.

Earlier, the PSX opened keeping bearish trend and lost 42,000 level as the benchmark 100-inded shed 689 points to drop to 41464.38 points level in early trading.

On Monday, the stocks started new week on a bearish note and benchmark KSE 100-index fell to fresh 2017 lows, losing another 925 points to close at 42,153 points. Having receded over 20% from its high of 52,876 points on 24th May, one can safely say that 100-index has officially entered bear market territory.

Top 10 index point decliners were LUCK (down 5%), SNGP (5%), PSO (4.1%), DGKC (5%), DAWH (5%), FFC (2.9%), ENGRO (2.4%), HUBC (2.2%), SEARL (5%) & NML (5%); withholding 402 points.

On the sector front, cement shed 198 points on the back of a Rs25/bag price cut by the 2nd largest producer (LUCK), fertilizer 130 points, OMCs 130 points, banks 76 points & power 51 points; while E&P added 21 points. Participation thinned to a crawl as volumes declined 19% to 153m shares while traded value plunged 31% to Rs7.8b/$74m.