PSX Sheds Nearly 2,000 Points as Selling Pressure Persists

The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) fell by nearly 2,000 points on Thursday owing to a strong selling pressure.  The KSE-100 index lost 1,991 points to close at 110,423 points, down 1.8 percent over the previous closing.  It is pertinent to mention here that the benchmark index gained 4,411 points on Monday, however, profit-taking saw the index decline by 1,509 on Tuesday, the last trading day before today.  In a note, brokerage house Topline Securities said that the market has been influenced by increased leverage and the expiry of December contracts. Furthermore, the ongoing security concerns at the borders are affecting investor sentiment, it added. The primary drivers of the downward movement were FFC, OGDC, PPL, MARI, and LUCK, which collectively accounted for an alarming 996 points of the index’s overall decline, it said. A total of 628,026,201 shares were traded during the day as compared to 880,598,305 shares the previous day. The price of shares stood at Rs. 33.58 billion against Rs. 54.45 billion on the last trading day.   450 companies transacted their shares in the stock market today with 113 recording gains and 284 sustaining losses, whereas the share price of 53 companies remained unchanged.