The Pakistan Stock Exchange (PSX) on Monday landed in the red as the bears dominated the session, with the benchmark KSE-100 Index plunging 262 points to close at 38,384.

The benchmark index showed mixed activity during the initial part of the session, hitting a day's high of 38,703 points, up almost 59 points, soon after the commencement of trading. Subsequently. the market adopted a negative momentum for the rest of the session and hit a day's low of 38,337 points near the close of trading.

In all, only 50 million shares worth Rs2.67 billion changed hands during the session as compare to 140m shares worth Rs9.1b on the last trading day.

A total of 323 companies' shares were traded, out of which 80 advanced, 229 declined, whereas 14 remained unchanged.

The communication sector dominated trading with 7.4m shares traded, while the banking and cement sectors followed with 4.9m and 4.4m shares traded respectively.

According to a JS Global report, political uncertainty was responsible for the bearish momentum. Prime Minister Shahid Khaqan Abbasi's announcement in connection with the date of next general elections did not suffice to remove investors' jitters, read the report.

"Volumes during the day stood at the lowest since July 2014," the report noted, adding that the trading value was down 71 per cent as compared to Friday's activity.

Volumes were led by:

  • TRG Pak Ltd: 4.3m shares traded [-4.97pc];

  • Azgard Nine: 3.4m shares traded [+0.14pc];

  • Crescent Star(R: 2.2m shares traded [-21.05pc];

  • WorldCall Telecom: 2.1m shares traded [-3.04pc];

  • Dolmen City XD: 1.9m shares traded [+0.09pc].

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.