KARACHI: Despite a positive opening with 540 points in the morning, the KSE-100 Index on Monday went down by 786.29 points closing at 45,051.06. The main reason for the fall was political instability and surging oil prices in the international market.
The Karachi Share Index (KSE-100) closed down by 786.29 points (1.72 per cent) after closing at 45,051.06 points against the previous closing of 45,837.35 points. The market went up to 46,435.75 points during intra-day trading, while recorded as low as 44,848.66 points.
Trading volume increased to 459.87 million shares today as compared to 317.23 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 24.751 billion from Rs 15.944 billion in the previous session, the data said.
In the aftermath of PM’s vote of confidence from the Parliament, the PSX saw a heavy drawdown with an oscillation of 1,583 points posting an increase of 595 points in the early part of the session and dropping by 988 points during the session.
The analyst said that political uncertainty emanating from a possible change in Punjab’s political setup perturbed investors. Furthermore, the rapid upsurge in inflation (primarily international crude oil prices) also caused investors to think twice about upcoming monetary policy and its impact
Resultantly, cement, steel, O&GMCs saw major attrition today. Over the weekend, an increase in international crude oil prices helped E&P stocks to stay afloat, however, selling pressure in other stocks also brought pressure in OGDC and PPL as well.
Among scrips, ANL topped the volumes with 48.2 million shares, followed by UNITY (45.4 million ) and TRG (35.4 million).
Stocks that contributed significantly to the volumes include ANL, UNITY, TRG, PRL and BYCO, which formed 37% of total volumes.
