Stock Market Closes 510.13 Points Down Amid Heavy Selling

Pakistan Stock Exchange (PSX) shed some 510.13 points due to heavy selling on a volatile trading day during which stocks fell across the board on investors concerns over uncertainty in global equities selloff and slump in global crude oil prices.

The market opened in the red and within five minutes of the market’s opening, the KSE 100 index fell by over 350 points. At one point during the trading in the morning session, the marker shed over 950 points due to heavy selling.

The market also dipped below the psychological barrier of 42000 points level. However, it managed to gain some of the losses and closed 510 points down at 41493.96 points.


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On Monday some 145,503,090 shares changed hands at the market.

Commenting on Monday’s trade, senior analyst and chief executive officer (CEO) of Arif Habib Corp Ahsan Mehnati said that stocks fell across the board on investors concerns over uncertainty in global equities selloff and slump in global crude oil prices.
He added trade remained thin on limited expectations for immediate financial support from China.  Uncertainty over the outcome of FATF assessment, terms of IMF bailout package and concerns for risks over Pakistan Stocks exclusion from MSCI emerging markets played a catalyst role in bearish close at PSX, he opined.

Trading held in the shares of 366 companies out of which share prices of 102 companies increased while share prices of 252 companies decreased.


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The share prices of 12 companies remained unchanged.

Colgate Palm was the biggest gainer in term of per share gain followed by Jubile Life Insurance. The share price of Colgate Palm increased by Rs30.01 per share to close at Rs2500.  The share price of Jubile Life Insurance incresaed by Rs25 per share to close at Rs595.

Pak Tobacco was the biggest loser followed by Wyeth Pak Ltd. The share price of Pak Tobacco was decreased by Rs120 per share to close at Rs1262.14.