Pakistan Stock Exchange remained under heavy pressure during the single trading day week after long Eid holidays due to continuous selling mainly by local investors. BRIndex100 decreased by 78.82 points or 2.59 percent to close at 2,966.11 points. Total turnover stood at 61.452 million shares.
BRIndex30 declined by 305.99 points or 1.98 percent and closed at 15,158.41 points with total trading volumes of 34.157 million shares. KSE-100 Index plunged by 664.44 points or 2.26 percent and closed at 28,764.63 points. Trading volumes on ready counter decreased to 65.212 million shares as compared to previous week''s average daily volumes of 71.43 million shares.
Due to continuous declining trend, PSX has declined to five year lowest level. The PSX has declined by 45.59 percent from its highest level of 52,876 points in May 2017. The foreign investors, however, remained net buyers of shares worth $1.7 million. Total market capitalization declined by Rs 104 billion to stand at Rs 5.916 trillion.
An analyst at Topline Securities said that the bourse remained under pressure owing to MSCI rebalancing, escalating tension between Indo-Pakistan and UNSC meeting. He said negative sentiments were witnessed across the board wherein top laggard to the index were Cement sector (down 4.0 percent), E&P (4.0 percent) and OMC sector (down 4.0 percent).
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