KSE-100 Index Plunges by Over 1,300 Points in Volatile Session

The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) opened the new week with a decline of over 1,300 points on Monday.  The KSE-100 Index hit an intraday high of 1,148 points and an intraday low of 1,645 points, before closing at 116,255 points, down 1,332 points or 1.15 percent.  Brokerage house Topline Securities attributed the bearish sentiment to concerns in the gas sector, following reports of a significant rise in circular debt. This concerning development dampened investor confidence, leading to widespread profit-taking across the board, it said.  The brokerage house also pointed out that the cement sector extended its downward trend as investors chose to book profits, over reports of disagreements among cement players. While some are advocating for an increased market share, others are favoring adjustments in geographic sales to secure higher retention prices, it said.  Key contributors to the upward trajectory included ENGROH, HMB, AICL, MCB, and MUREB, collectively adding 395 points. On the other hand, substantial declines in OGDC, PSO, FFC, EFERT, and SNGP weighed heavily on the market, accounting for a combined loss of 698 points, Topline said in its market review.  A total of 819,805,715 shares were traded during the day as compared to 935,783,268 shares the previous trading day, whereas the price of shares stood at Rs 33.32 billion against Rs. 39.62 billion on the last trading day.     456 companies transacted their shares in the stock market today with 111 recording gains and 291 sustaining losses, whereas the share price of 54 companies remained unchanged.