KARACHI – Bearish momentum prevailed at the PSX on first trading day, Monday, as the market, after opening on a positive note, soon came under selling pressure due to which the index lost 322 points during the day to close at 48,888.54 points.
Banking sector led the decline in the market, as index heavy weights HBL (down 2.26%), MCB (2.06%) and UBL (4.49%) lost value to close in the red zone. HBL, UBL and MCB contributed 210 points to the fall, dealers said.
Fertiliser sector gained on the back of the news that subsidy on fertiliser sector has been restored on the directives of the prime minister in an effort to facilitate farmers.
FFBL (rose 1.25%) and EFERT (1.15%) were major gainers of the aforementioned sector. SNGP (up 5%) gained to close on its upper circuit on the back of the news that the gas utility has curtailed its UFG losses by 825mmcfd in the Lahore region, stated analyst Nabeel Haroon. Investors turned skeptical after SECP directive to local mutual funds to maintain at least five percent of net assets in cash. Since mutual funds remained major buyers in last few months against hefty foreign selling, said dealers at Topline brokerage.
Overall, volumes decreased by 38.5 percent to 316 million shares, while value declined by 8.9 percent to Rs20.2 billion/$194 million. KEL (rose 2.27%) was today’s volume leader with more than 22 million shares traded.