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The Pakistan Stock Exchange started the week on a negative note, with the benchmark KSE-100 index losing 291 points, or 0.59 per cent, by close of trading to reach 48,680.16.
Hammad Aman, equity sales manager at Topline Securities, attributed the bearish activity to the futures rollover week (all outstanding futures contracts need to be settled by Friday) and the increased anticipation for the Supreme Court's verdict on Panamagate.
Activity was highest in commercial banks and engineering stocks amidst lower-than-average volumes as the benchmark index slid by close to 300 points. 87.15 million shares changed hands in the session, with a total worth of nearly Rs7.04 billion.
Stocks of 370 companies were traded on the exchange, of which 110 gained in value, 240 declined and 20 remained unchanged. Overall volumes touched 238m, with a total worth of Rs10.44bn.
Volumes were led by:
Bank of Punjab: 26.5m shares traded [-3.51pc];
Aisha Steel Mill: 21.6m shares traded [-0.89pc];
K-Electric Ltd: 17m shares traded [-1.73pc];
Dewan Salman: 11.7m shares traded [-1.65pc]; and,
Azgard Nine: 11.4m shares traded [-3.77pc].
"Stocks closed lower on pressure in oil, banking and cement stocks after major fall in global equities," said veteran analyst Ahsan Mehanti.
"Weak global crude prices, reports on surging circular debt, falling exports and SBP status quo in its key policy rate announcements last week played a catalyst role in bearish close," he added.
