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Roundup: PSX stays bearish after Brexit vote

Xinhua, June 27, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) stayed under the shade of a historical Brexit vote to record second straight day of bearish trade on Monday as investors looked for safe havens in the wake of massive losses in global equities.

The Pakistan Stock Exchange's benchmark KSE 100-Index shed 0.94 percent or 350.31 points to 37,039.57 points on Monday when compared with 37,389.88 points recorded on Friday.

The KSE All-Share Index fell by 0.89 percent or 221.29 points to 24,726.07 points, the KSE 30-Index nosedived by 1.09 percent or 231.70 points to 21,115.46 points, the KMI 30-Index slipped by 0.53 percent or 346.03 points to 64,626.78 points, whereas the Islamic All-Share Index dropped 0.5 percent or 87.92 points to 17,345.31 points on Monday.

During Monday's trading session, the main index moved in a broader range of 546.80 points as it touched an intraday high of 37,508.96 points as against an intraday low of 36,962.16 points.

Banking stocks like MCB Bank (MCB) and Habib Bank Limited (HBL) declined in the range of 2.2 percent to 2.8 percent, thereby contributing approximately 148 points to the cumulative fall.

Nishat Mills Limited (NML) continued to decline further and closed at its lower limit.

Market volumes reduced by 30.89 percent or 73.15 million shares to 163.689 million shares on Monday when compared with 236.839 million shares posted on Friday.

Market capitalization decreased by 0.89 percent or 66.338 billion rupees (650.373 million U.S. dollars) to 7.412 trillion rupees (72.671 billion dollars) whereas trade value dipped by 48.75 percent or 7.454 billion rupees (73.081 million dollars) to 7.837 billion rupees (76.84 million dollars).

Among 323 active scrips on Monday, prices of 181 issues depleted, 121 advanced, whereas values of 21 other companies stayed unchanged at previous week's levels.

Karachi Electric Limited, WorldCall Telecom, and Nishat Mills Limited were the top traded companies with turnovers of 55.178 million shares, 9.751 million shares, and 7.509 million shares, respectively.

Bata Pakistan was the top price gainer with an increment of 100 rupees (98.04 cents) to 3,750 rupees (36.76 dollars) while on the other hand Rafhan Maize led the major price shedders with a decrement of 408.50 rupees (4.004 dollars) to 7,761.50 rupees (76.09 dollars). Endit