The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) opened the new week with a significant drop of over 1,300 points on Monday. The index hit an intraday high of 1,148 points and an intraday low of 1,645 points, eventually closing at 116,255 points, down by 1,332 points, or 1.15 percent.
Bearish Sentiment Due to Gas Sector Woes
Brokerage house Topline Securities attributed the bearish sentiment to growing concerns in the gas sector, particularly due to reports of a sharp rise in circular debt. This development significantly undermined investor confidence, resulting in widespread profit-taking across the market.
Cement Sector Facing Continued Downward Pressure
The cement sector also continued its downward trend, with investors opting to book profits amid reports of internal disagreements among cement companies. Some companies are pushing for an increase in market share, while others are advocating for adjustments in geographic sales to secure better retention prices.
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Key Stocks Driving and Weighing on Market Performance
Positive contributors to the market’s upward movement included ENGROH, HMB, AICL, MCB, and MUREB, which together added 395 points. On the other hand, notable declines in stocks such as OGDC, PSO, FFC, EFERT, and SNGP weighed heavily on the market, accounting for a combined loss of 698 points.
Market Activity and Trading Volume
A total of 819,805,715 shares were traded during the session, a decrease from the previous day’s 935,783,268 shares. The total value of shares traded stood at Rs 33.32 billion, down from Rs 39.62 billion on the last trading day.
Market Summary:
- Total companies traded: 456
- Companies recording gains: 111
- Companies sustaining losses: 291
- Companies with unchanged share prices: 54
