PSX Loses Over 2,000 Points Over Cement Sector, IMF-Related Concerns

The 100-Index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Monday, losing 2,002.56 points, a negative change of 1.69 percent, closing at 116,439.62 points as compared to 118,442.18 points on the last trading day. In a note, brokerage house Topline Securities said that the market faced downward pressure due to International Monetary Fund (IMF) concerns over the lack of adjustments to electricity tariffs and no reduction in property taxes, as reported in the news. Additionally, the proposed increase in royalty for cement manufacturers in Khyber Pakhtunkhwa contributed to the negative sentiment, it added. The decline was primarily driven by OGDC, ENGRO, FFC, PPL, and MARI, which exerted downward pressure, pulling the index down by 811 points, Topline said. A total of 311,970,520 shares were traded during the day as compared to 369,119,112 shares the previous trading day, whereas the price of shares stood at Rs. 20.953 billion against Rs. 23.273 billion on the last trading day. As many as 468 companies transacted their shares in the stock market, 124 of them recorded gains and 266 sustained losses, whereas the share price of 78 companies remained unchanged.