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Stock market sheds 404 points amid lacklustre trading

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KARACHI: The Pakistan Stock Exchange, much like the national cricket team, performed poorly on Monday, as the indices kept moving in the downward trajectory right from the word go amid low volumes. Foreign investors closed the preceding week as net sellers with a net outflow of $4.93 million.

On the economic front, the Pakistani currency depreciated to nearly Rs157 against the US Dollar in the interbank market. It moved in both directions on Monday within a range of Rs156.50 to Rs157.07.

Meanwhile, on the positive side, Malaysian Prime Minister Dr Mahathir Mohammad said his country supports Pakistan in its war against money laundering. Malaysia’s support is critical for Pakistan in its efforts to avoid being blacklisted by the worldwide Financial Action Task Force.

Losing 462.22 points, the KSE 100 index benchmark touched its day’s low of 35,110.73. The index closed lower by 404.13 points at 35,168.82. The KMI 30 index declined by 759.97 points to settle at 56,304.58, while the KSE All Share index depreciated by 282.22 points, ending the session at 25,657.52. Out of 340 traded scripts, 91 advanced, 226 declined while the value of 23 remained unchanged.

Trading volumes were recorded at 128.14 million. Maple Leaf Cement Factory Limited (MLCF +4.27pc), TRG Pakistan Limited (TRG +0.17pc) and Jahangir Siddiqui & Company Limited (JSCL +11.49pc) were the top picks of the day. The scripts had traded 13.82 million shares, 11.38 million shares and 10.43 million shares respectively.

The banking sector chipped off -1.44pc from its cumulative market capitalisation. MCB Bank Limited (MCB) was down by -1.92pc, Standard Chartered Bank (Pakistan) Limited (SCBPL) by -2.65pc, Habib Bank Limited (HBL) by -0.44pc and United Bank Limited (UBL) by -0.89pc.

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