PSX sheds 404 points amid economic woes

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The benchmark KSE-100 Index close at 41,195.06 points
KARACHI
Pakistan Stock Exchange (PSX) turned bearish on Monday amid political and economic uncertainties, with the benchmark KSE-100 Index losing 404.12 points (-0.97 percent) to close at 41,195.06 points.
The market opened on a positive note and surged by 90 points at the start. However, this positiveness of the market proved short-lived amid excessive selling activity and the index remained in the reds for the entire session after the first 20-minute trading. Depreciation of Pakistani rupee against the US dollar and delay in revival of the IMF loan programme also kept the investors at bay.
The KSE-100 Index moved in a range of 534.8 points, showing an intraday high of 41,690.27 and a low of 41,155.47. Among other indices, the KSE All Share Index shed 248.04 points (-0.91 percent) to close at 27,396.42 points, while KMI All Share Islamic Index lost 130.04 points (-0.66 percent) to close at 19,801.22 points.
The overall market volumes decreased by 22.6 million to 97.77 million shares against 120.37 million shares a session earlier. Total volumes traded for the KSE-100 Index remained 47.16 million against 54.45 million a session earlier, showing a decrease of 7.29 million shares.
Among scrips, WTL topped the volumes with 11.45 million shares, followed by KEL (9.59 million) and AIRLINK (5.91 million). Stocks that contributed significantly to the volumes included WTL, KEL, AIRLINK, BIPL, OGDC, which formed over 36 percent of total volumes.
A total of 308 companies traded shares in the stock exchange as compared to 314 a session earlier. Out of traded companies, shares of 73 closed up, shares of 210 closed down while shares of 25 companies remained unchanged. A total of 91 companies traded shares in the KSE-100 Index against 97 a session earlier, out of which shares of 18 companies closed up, 71 closed down and two remained unchanged.
The number of total trades decreased by 3,991 to 62,196 against 66,187 a session earlier, while the value traded decreased by Rs0.42 billion to Rs2.87 billion.
In terms of rupee, NESTLE remained the top gainer and witnessed an increase of Rs170.42 (+2.66 percent) per share, closing at Rs6,586.67. The runner-up remained ZIL, the share price of which climbed up by Rs22 (+6.96 percent) to Rs338. PAKT remained the top loser in terms of rupee and witnessed a decrease of Rs51.49 (-7.25 percent) per share, closing at Rs658.51, followed by PSEL, the share price of which fell by Rs29.9 (-3.36 percent) to close at Rs860.1 per share.
The sectors taking the index towards south were commercial banks (105 points), oil & gas exploration companies (60 points), technology & communication (44 points), fertilizer (26 points) and power generation & distribution (25 points).
The sectors taking the index towards north were modarabas (2 points), automobile assembler (2 points), and investment banks/ investment companies/ securities companies (one point). The companies which added the most points to the index included ENGRO and NESTLE (11 points each), HMB (3 points), and FHAM (2 points).