Share prices nosedive at Pakistan Stock Exchange
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Pakistan Stock Exchange (PSX) witnessed a downward trend on Monday as KSE-100 Index lost more than 1,300 points as investors eagerly awaited for the SBP MPC meeting decision which came after the market was closed, reported 24NewsHD TV channel.
The State Bank’s decision of slashing the police rate by 100bps to 12 percent came late as Pakistan Stock Exchange dropped by 1360.16 points or 1.20% to close at 113,520.32 points.
Economic experts said that the significant drop in the market, driven by various economic and political factors, has raised concerns among investors.
Earlier, on Friday Stock Exchange (PSX) continued with a bullish trend as the benchmark KSE-100 index gained 842.70 points at the closing of the market. KSE-100 gained 842.70 points, or 0.74 percent, closing at 114,880.49 at the closing of the stock market.
A total of 632.03 million shares were exchanged during the day at the PSX, compared with the turnover of 675.54 million shares the previous trading day.
The price of shares stood at Rs37.80 billion against Rs30.46 billion on the last trading day at the Pakistan Stock Exchange.
As many as 445 companies transacted their shares in the stock market, 226 of them recorded gains and 167 sustained losses, while the share price of 52 companies remained unchanged.
The three top trading companies were Cnergyico PK with 61.45 million shares at Rs 7.71 per share, Sui South Gas with 57.67 million shares at Rs43.92 per share and WorldCall Telecom with 33.76 million shares at Rs1.79 per share.
Sapphire Textile Mills Limited witnessed a maximum increase of Rs72.18 per share closing at Rs 1,220 whereas the runner-up was Pakistan Services Limited with Rs24.71 rise in its share price to close at Rs928.98.
NRL-FEB witnessed a maximum decrease of Rs28.95 per share price, closing at Rs266.04, followed by SAZEW-JANB with Rs17.18 decline in its per share price to Rs989.92.
Reporter: Ayaz Rana