‘Political uncertainty’ hits PSX, index loses 1,878 points

ISLAMABAD   -  The bears ruled the Pakistan Stock Ex­change (PSX) on Monday bringing down share prices massively due to the “political uncertainty” thrown up by the split man­date as a result of the general elections.

The 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Monday, losing 1,878.43 points, a negative change of 2.98 percent, closing at 61,065.32 points against 62,943.75 points the previous trading day. A total of 349,975,051 shares valuing Rs 12.745 billion were traded during the day as compared to 258,073,610 shares valuing Rs.12.529 billion the last day. Some 354 companies transacted their shares in the stock market; 35 of them recorded gains and 300 sustained losses, whereas the share prices of 19 remained unchanged.

The three top-trading companies were K-Electric Limited with 50,348,573 shares at Rs.4.21 per share, WorldCall Telecom with 34,623,947 shares at Rs.121 per share and Oil and Gas Development with 14,939,483 shares at Rs.134.20 per share. Pakistan Hotels Developers Limited witnessed a maximum increase of Rs.28.47 per share price, closing at Rs.455.68, whereas the runner-up was Ibrahim Fibres Limited with a Rs.10.00 rise in its per share price to Rs.410.00. Mari Petroleum Company Limited witnessed a maximum decrease of Rs.127.10 per share closing at Rs.2,147.01, followed by Hoechst Pakistan Limited with Rs.80.00 decline to close at Rs.1,320.00.

It should be mentioned that the index had plunged 1,200 points on Friday, over the delay in the announcement of the results of general elections. Experts said the stock market opened under pressure on Monday due to “unresolved political uncertainty over the weekend”. They feared that the volatility would stay until there was clar­ity on the political front. Exploration and production companies — such as Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) — expe­rienced the largest decline due to delays in the approval of the circular debt clearance programme from the IMF, they said.

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