Islamabad, Jan 6: On Monday, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) experienced a sharp decline of over 1,300 points, marking a tough start to the week. The index opened with a significant drop and reached an intraday high of 1,148 points, followed by an intraday low of 1,645 points, before finally closing at 116,255 points, reflecting a loss of 1,332 points or 1.15%.
Brokerage house Topline Securities attributed the bearish sentiment to growing concerns in the gas sector, particularly following reports of a substantial increase in circular debt. This news dampened investor confidence, resulting in widespread profit-taking across various sectors.
The cement sector also continued its downward trend, driven by investor reactions to reports of internal disagreements within cement companies. Some companies are pushing for an increased market share, while others are proposing adjustments in geographic sales to secure higher retention prices.
Despite the overall bearish trend, some stocks showed upward momentum, including ENGROH, HMB, AICL, MCB, and MUREB, which collectively added 395 points to the index. However, significant losses in stocks like OGDC, PSO, FFC, EFERT, and SNGP contributed a combined loss of 698 points to the market.
A total of 819,805,715 shares were traded during the day, a decrease from the previous day’s total of 935,783,268 shares. The total value of shares traded stood at Rs. 33.32 billion, down from Rs. 39.62 billion on the previous trading day. Out of the 456 companies that transacted their shares, 111 recorded gains, 291 experienced losses, and 54 companies saw no change in their share prices.
