Pakistan Stock Exchange (PSX) opened in red on the first day of the week over the Faizabad sit-ins. The benchmark index lost -216.24 points or -0.54% to close at 40,032.17 points on Monday.
The market saw a huge selling pressure in the first hours of trading as investors panicked over the sit-ins in Faizabad Interchange.
Apart from the sit-ins, the index was in immense selling pressure on the ongoing political and law and order situation which further damaged the confidence of the investors. The bearish sentiment was expected said the analyst because of the ongoing sit-ins by the religious parties.
The index went down to the intraday low of – 316 points over the political instability.
Prices for oil in the international markets eased up on Monday. The prices of oil in the international markets took a dip on rumors of a significant increase in oil output from the US Shale industry. Despite that, the markets have been relatively buoyant on the expectation of extension in OEPC-led supply cuts on 30th of November.
U.S. West Texas Intermediate (WTI) crude futures were at $58.44 a barrel , down 51 cents, or 0.87 percent, from their last settlement.
Concerns were raised on future outlook of refinery, oil marketing companies (OMCs) and power sector as the government decided to close high cost furnace oil-based power plants and switch over to newly commissioned re-gasified liquefied natural gas (RLNG) and coal-based power projects due to lower electricity demand during winters.
K-Electric again was in the limelight today as participant interest was centered around K-Electric with a turnover of alone 39.90 million shares. Mr. Yundan Wang, Chairman, Shanghai Electric Power Company (SEPC), senior representatives of Abraj Group and K-Electric along with their respective delegations called on Mr. Daniyal Aziz, Minister for Privatization last week sparked a phenomenal rally in the battered stock.
The SEPC delegation briefed the Minister about their investment plan to revitalize K-Electric. Chairman Yundan informed of SEPC plan to invest $9.0 billion in KE by 2030 in order to upgrade transmission and generation capacity of KE.
All shares index had a traded volume of 110 million shares today. Overall, stocks of 340 companies were traded on the exchange, of which 133 gained in value, 182 declined and 25 remained unchanged. In KSE 100, 74.31 million shares were traded with a net worth of just Rs. 3.61 billion.
Top traded sectors:
K-Electric Ltd was the volume 39.90 million shares, gaining Rs. 0.25 to close at Rs. 6.26. It was followed by TRG Pak Ltd with 12.53 million shares, gaining Rs. 1.78 to close at Rs. 37.39, World Call Telecom with 6.68 million shares, losing Rs. 0.01 to close at Rs. 3.00 and Azgard Nine with 4.19 million shares losing Rs. 0.24 to close at Rs. 15.04.
Top Advancers of the market were:
Top Decliners of the market were: