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Stocks lose 42,000 mark in early trading

Stocks lose 42,000 mark in early trading

KARACHI: The Pakistan Stock Exchange (PSX) Tuesday 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.