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PSX opens week on negative note

PSX opens week on negative note

KARACHI: The Pakistan Stock Exchange started new week on negative note as the benchmark KSE 100-share Index recorded a decrease of 84.85 points or 0.22% to settle at 38,345.42.

Earlier, the KSE-100 index shot up as soon as the trading began, gaining over 340 points. However, soon after selling pressure dragged the index down as fertiliser, oil and gas exploration and cement sectors struck 151 points off the index.

Although the index recovered during the day, it dropped before the end of trading, wiping out all the day’s gains.

Engro Corporation (-1.81%) faced selling amidst rising tensions between the company and the government over the award of the LNG terminal contract.

After a relief rally last week in Lucky Cement (-2.32%), the stock once again came under pressure on expectations of its removal from the MSCI Emerging Market Index in the upcoming semi-annual review, which would be announced on November 13.

Overall, trading volumes increased to 235.4 million shares compared with Friday’s tally of 231.2 million. The value of shares traded during the day was Rs7.5 billion.

Shares of 385 companies were traded. At the end of the day, 234 stocks closed higher, 139 declined and 12 remained unchanged.

TRG Pakistan was the volume leader with 15.8 million shares, gaining Rs0.99 to close at Rs25.14. It was followed by The Bank of Punjab with 14.5 million shares, gaining Rs0.28 to close at Rs11.40 and Nimir Resins with 12 million shares, gaining Rs0.22 to close at Rs9.21.