KARACHI: Pakistan Stock Market (PSX) slumped on Monday as investors dumped stocks over profit taking in the absence of positive triggers.
The stock market opened on a positive note as the benchmark KSE 100-index gained in early trading and reached its highest level of 46,970.04 points, the highest in six months. However, the bourse slumped in later day trading as investors dumped stocks.
The KSE-100 eventually dropped by 61.95 (-0.13%) and closed at 46,539.59 points. The total volume of share was 118.978 million valued at Rs7.29 billion. The lower bench KSE-30 index gained 36.52 points (0.20%) and closed at 17,942.72 points. The total volume of shares was 96.192 million.
The KMI 30 index increased 252.47 points (0.33%) and closed at 76,293.29 points, while the All Share Index gained 29.09 points (0.09%) and closed at 31,604.85 points. The total volume of share traded were 255.389 million at the stock market.
Of the 92 traded companies in the KSE100 Index 27 closed up 63 closed down, while 2 remained unchanged. Sectors propping up the index were Oil & Gas Exploration Companies with 210 points, Power Generation & Distribution with 21 points, Fertilizer with 13 points, Oil & Gas Marketing Companies with 8 points and Automobile Parts & Accessories with 3 points.
The rally was also led by the Oil and Gas Exploration sector on the backdrop of increase in global oil prices expected heavy dividend in the OGDC and PPL stock.
Sector wise, the index was let down by Commercial Banks with 122 points, Technology & Communication with 45 points, Cement with 40 points, Inv. Banks / Inv. Cos. / Securities Cos. with 17 points and Textile Composite with 14 points.
The highest number of shares traded belonged to G3 Technologies (-4.10%) which traded 21.233 million shares. This was followed by Cnergyico PK Ltd, (CNERGY -3.42%) WorldCall Ltd (WTL -3.65%), Ghani Global Holdings Ltd (GGL 1.77%), and OGDC Ltd (OGDC 7.29%). The number of scrips traded were 17.787 million, 15.457 million, and 14.234 million, respectively.
Total companies traded were 336 compared to 335 from the previous session. Of the scrips traded 107 closed up, 199 closed down while 30 remained unchanged. The market also reacted positively over reports that the government will revive talks with the IMF for the economic assistance programme.
