KARACHI: After making significant gains last week and ending on a high note, the Pakistan Stock Exchange (PSX) declined on Monday ending the first day of the week on a downward trajectory.
The benchmark KSE 100 index dropped by 195 points and closed at 33,916.64 points. The indices shed 393.11 points after trading resumed before making a slight recovery. The bourse lost the 34,000 points level before trading was suspended. The total volume of shares were 166.205 million valued at Rs8.14 billion.
Meanwhile, the KSE 30 index witnessed a downward trajectory of 125.53 points (-0.83%) and closed at 14,956.29 points. The total volume of shares was 95.982 million. The stock exchange shows a tussle between bulls and bears to regain control of the market.
The top active stocks that witnessed a decline in share prices included MLCF (-2.84%), HASCOL (-1.58%). KEL (-3.65%), PAEL (-0.42%) and OGDC (-0.11%). On the other hand, there was an increase in share prices of UNITY (4.57%), TRG, (5.16%), PPL (0.20%), PIOC (7.53%), and SMBL (0.67%).
Global stock markets suffered steep losses on Monday after US President Donald Trump sparked fears of a renewed trade war with China over its role in the coronavirus pandemic. The losses across Asia came as investors returned from an extended weekend break.
The dollar was seen rallying against higher-yielding, riskier currencies. Crude oil prices dropped as top producers began to reduce supply as part of a deal agreed last month to slash output. This coupled with the lack of any economic triggers did not lead to uptick at the local stock and it ended on a downward trend.
ADVERTISEMENT
