PSX loses 110.9 points amid IMF deal impasse, gloomy economic outlook
Business
Market experts blamed political and economic instability for negative sentiments during trading
KARACHI (Web Desk) - The 100-index of the Pakistan Stock Exchange (PSX) fell by 110.93 points, or 0.28 per cent, on Monday and closed at 39,889.90 points against 40,000.83 points the previous day.
A total of 74,430,002 shares were traded during the day as compared to 112,200,436 shares the previous day, whereas the price of shares stood at Rs1.750 billion against Rs3.933 billion on the last trading day.
As many as 318 companies transacted their shares in the stock market; 123 of them recorded gains and 172 sustained losses, whereas the share price of 23 companies remained unchanged.
The three top-trading companies were Telecard Limited with 17,784,500 shares at Rs8.04 per share, WorldCall Telecom with 3,711,804 shares at Rs1.17 per share, and Pak Elektron with 3,568,000 shares at Rs10.83 per share.
Unilever witnessed a maximum increase of Rs100 per share price, closing at Rs18,000, whereas the runner-up was Sapphire Tex with a Rs63.29 rise in its per share price to Rs1,179.
Bhanero Tex witnessed a maximum decrease of Rs58 per share closing at Rs1,000, followed by Pak Tobacco with a Rs48.90 decline to close at Rs621.10.
According to market experts, the negative sentiments prevailed in the market amid political and economic instability and gloomy economic outlook of the country.
They said 'prolonged delay' in agreement between Pakistan and the International Monetary Fund (IMF) to fetch $1.1 billion loan was one of the prime factors behind dull trading session.
