Pakistan Stock Exchange (PSX) closed lower on Monday amid investors’ concerns over weak economic outlook fuelled by dismal data of the current account deficit for Jul-Sep 2018 at $3.6 billion.
The benchmark KSE 100 index closed 58 points down at 38345 points level after a lacklustre trading day.
The market opened in the green and index moved up to the day’s highest level on the back of over 530 points gains. But the bull did not last long and market plunged into the red.
The market again rebounded and entered in the green on the back of buying in across the board scrips. Then the market traded in the green for rest of the trading session expect the eleventh hour’s profit-taking by the investors, which pushed the index again into the red.
During the trading on Monday, 138,847,570 shares changed hands at the bourse.
Senior market analyst and chief executive officer of Arif Habib Corp Ahsan Mehnati said that stocks closed lower due to investors’ concerns for weak economic outlook triggered by dismal data for the current account deficit for Jul-Sep’18 at $3.6bn.
He added that the postponement of power tariff revision by the Economic Coordination Committee (ECC) and Finance Minister assurances during his weekend visit to PSX to consider proposals of incentives and tax losses carry forward invited midsession support.
The analyst said the government concerns over IMF conditions for the bailout package, likely raise in power tariff and likely surge in interest rates and further rupee depreciation besides uncertainty over corporate earnings outlook at PSX played a catalyst role in bearish close.
On Monday, trading held on the shares of 385 companies out of which share prices of 234 companies increased while share prices of 139 companies decreased. Share prices of 12 companies remained unchanged.
Colgate Palm was the highest gainer in term of per share gain followed by Indus Motors. The share price of Colgate Palm surged by Rs 99.99 per share to close at Rs2599.99 while the share price of Indus Motor increased by Rs61.20 per share to close at Rs 1285.23.
Pak Tobacco was the biggest loser in term of per share loss followed by Rafhan Maize. The share price of Pak Tobacco plunged by Rs 120 per share to close at Rs22.80 while the share price of Rafhan Maize fell by Rs99 to close at Rs 6901.