Bear dominated trading at Pakistan Stock Exchange (PSX) on Tuesday as stocks fell across the board amid investors’ concerns triggered by global equity selloff and slump in global crude oil prices.
The benchmark KSE 100 index closed 630 points down on the second trading day of the week to settle at 37714 points level. During the trading, the index also fell below the psychological barrier of 38000 points level.
The market opened flat but soon plunged into the red zone and traded there for the whole day. During the trading, at one point the market shed over 750 points amid across the board selloff of scrips by the investors.
During Tuesday’s trading some 117,842,550 shares changed hands at the market.
Commenting on the market’s situation, senior analyst and chief executive officer (CEO) of Arif Habib Corp Ahsan Mehnati said that stocks fell across the board on investors’ concerns for global equity selloff and slump in global crude oil prices.
He added that the dismal data on external account for Jul-Sep’18, uncertainty over outcome of FATF assessment report and concerns for risks over Pakistan Stocks exclusion from MSCI emerging markets played a catalyst role in bearish close in the volatile futures rollover week at the PSX.
Trading held on the shares of 373 companies out of which share prices of 278 companies decreased whereas the shares prices of 82 companies increased. The share prices of 13 companies remained unchanged.
Pak Tobacco was the highest gainer in term of per share gain followed by Sapphire Tex. The share price of Pak Tobacco increased by Rs72.76 per share to close at Rs2352.76 while the share price of Sapphire Tex increased by Rs49.90 per share to close at Rs 1179.90 . Rafhan Maize was the biggest loser in the term of per share loss followed by Colgate Palm. The share price of Rafhan Maize fell by Rs 345.05 per share to close at 6555.95 while share price of Colgate Palm decreased by Rs129.99 to close at Rs 2470.