ISLAMABAD: After witnessing an upward trend for the last week, the 100-index of the Pakistan Stock Exchange (PSX) went down by 412.49 points on Monday with a negative change of 0.98 percent where the index closed at 41,829.49 points compared to 42,241.98 points the previous day.
The last week prevailed on some positive notes over political stability as the government and opposition were engaged in talks to some extent. Meanwhile, some positive gestures were observed regarding talks between IMF and the incumbent government.
As a result, some leading companies (banks, Cement sectors) came forward to buy back their own shares, boosting the confidence of the investors. However, due to a lack of sufficient grounds in both cases, the index came down, and major investors avoid moving ahead.
On Monday, a total of 179,050,431 shares were transacted against 178,164,179 shares on Friday, while the price of shares stood at Rs 4.761 billion compared to Rs 5.768 billion on the previous trading day.
Bearish Trend at PSX
During the day, 365 companies traded their shares in the stock market; 92 of them recorded gains and 247 sustained losses, while the share price of 26 companies remained unmoved.
The three top-trading companies were WorldCall Telecom, with 20,924,808 shares at Rs 1.20 per share, TPL Properties, with 19,753,354 shares at Rs 13.30 per share; and Pak Refinery, with 11,367,786 shares at Rs 14.16 per share.
Bhanero Tex. witnessed a maximum appreciation of Rs 56.50 per share price, closing at Rs 1200.00, whereas Pak Tobacco placed itself as the runner-up with a rise of Rs 30.30 in its per share price to Rs 691.00.
Unilever Foods witnessed a maximum decline of Rs 1137.88 per share, closing at Rs 20999.62, followed by Nestle Pakistan with a decrease of Rs 113.28 to close at Rs 5776.72.
Fluctuation in the 100-index will prevail till the government, and IMF make some productive decisions over the 9th review, being followed by the 10th review ahead of the Fiscal Budget to be presented in June this year.
