KARACHI: The Pakistan Stock Exchange (PSX) opened the week in the positive zone with the benchmark KSE-100 index gaining 64 points to close at 42,139.
The index traded sideways before rallying strongly after news of consensus over the caretaker prime minister broke. It subsequently touched a day’s high of 42,453 points.
Over 139 million shares worth Rs6.35 billion were traded at the exchange. Of the 331 scrips traded, 179 advanced, 129 declined and 23 remained unchanged.
The cable and electrical goods sector dominated trading with 16.9m shares traded while commercial banks and cement followed with 14.0m and 13.6m shares traded respectively.
The stocks started new week on positive note and added 43 points to reach 42117 level in early trading. Opened on positive note, the Pakistan Stock Exchange became bearish till midday as the benchmark 100-index shed 65 points to drop to 42009.
On Friday, negativity prevailed around the clock as the index lost 462 points to close at 43,136 levels, owing to jitters from the political backdrop and last day of futures rollover. Volumes remained lackluster as 110 million shares changed hands. PAEL (-4.69 percent) from the cable and electrical goods sector led the market volumes with 11.5 million shares traded in the scrip.
The major laggards were HBL (-2.32 percent), PSO (-2.37 percent), LUCK (-1.40 percent), HUBC (-1.45 percent) and NML (-2.53 percent) as they cumulatively wiped away -134 points from the index. On a sector wise level, commercial banks showed mixed sentiment, where MCB (+0.28 percent) closed positive and on the flipside HBL (-2.32 percent) and FABL (-2.31 percent) closed in the red zone.