Pakistan Stock Exchange (PSX) on Thursday saw a bearish day amid investor concerns over global equities’ selloff and uncertainty over country’s widening trade deficit.
The benchmark KSE 100 index of the market closed some 393.79 points down at 38398.
The market opened flat but soon after opening it plunged into the red zone. After that, the market remained in the red zone throughout the day. At one point during the last session of the trade, the market lost over 500 points. However, it managed to recover some of the losses but closed 393.79 points down at the end.
Commenting on the trading, senior analyst and Chief Executive Officer (CEO) of Arif Habib Corp Ahsan Mehnati said that stock closed bearish on investor concerns for global equities selloff and economic uncertainty after dismal data of $8.9bn trade deficit and weak auto sales for Jul-Sep’18.
He added that oil stocks battered amid a slump in global crude oil prices. Moody’s report on major funding risk, falling foreign exchange reserves, dismal earnings outlook and speculations on likely surge in interest rates played a catalyst role in bearish close, he opined.
During Thursday’s trading, some 84,712,190 shares changed hands at the market. Trading held on the stocks of 356 companies out of which share prices of 109 companies increased while the share prices of 232companiesd decreased. Whereas the share prices of 15 companies remained unchanged.
Marri Petroleum was the market leader in terms of per share gain followed by Bata Pak. The share price of Marri Petroleum gained some Rs 51.33 to close at Rs1477.53 while the share price of Bata Pak surged by Rs 43.50 to close at Rs 1706.
Island Textile was the biggest loser of the day followed by Sanofi Aventis. The share price of Island Textile fell by Rs 91.92 per share to close at Rs 1738.88 while Sanofi Aventis share price fell by Rs 30.29 to close at 801.01.