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PSX sheds huge 605pts over rupee devaluation

PSX sheds huge 605pts over rupee devaluation

KARACHI: The Pakistan Stock Exchange (PSX) dropped huge 605 points and closed at 39,666 over the massive devaluation of local currency against the US dollar.

In all, 147.5 million shares worth Rs6.1 billion were traded at the exchange. Of the 330 scrips traded, 84 advanced, 216 declined and 30 remained unchanged.

Commercial banking sector dominated trading by a margin with 50m shares traded.

A drop in Pakistani rupee against US dollar to Rs128/USD took the market off-guard as most steel, autos and cement names witnessed renewed selling pressure by local funds on concerns of lower than expected earning in Fiscal Year 2019, Elixir securities said.

Shares of 348 companies were traded. At the end of the day, 83 stocks closed higher, 236 declined while 29 remained unchanged.

Bank of Punjab was the volume leader with 25.2 million shares, losing Rs0.18 to close at Rs11.96. It was followed by Fauji Cement with 10.5 million shares, losing Rs0.98 to close at Rs19.24 and BankIslami with 9.1 million shares, gaining Rs0.32 to close at Rs12.37.

Foreign institutional investors were net sellers of Rs1.16 billion worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.