The Pakistan Stock Exchange (PSX) commenced the week on a negative note, with the benchmark KSE-100 Index shedding 598 points to close at 38,482, down 1.5 per cent.

The benchmark showed some upward momentum in the first few minutes of the session to hit a day's high of 39,437 points. The market, however, failed to sustain the positive momentum and continued on a downward trajectory for rest of the session. It hit a day's low of 38,375 points near the close of trading.

"The KSE‐100 Index continued to crash hard, clocking in a fresh 2017 intra‐day low of 38,375 points," read a Topline Securities market review. According to the report, this has pushed the KSE‐100's year-to-date decline to 20 per cent, while the index is currently down 27pc from its peak.

"Recently volatility in the rupee's value raised sector specific confusion," read the report, adding that political uncertainty in the country where a deadlock in Senate over the proposed delimitation bill has raised concerns over timely elections in 2018.

In all, over 129.4 million shares worth Rs5.9 billion changed hands during the session. A total of 361 companies' shares were traded, out of which 52 advanced, 294 declined, whereas 15 remained unchanged.

The communication sector dominated trading with 28.2 m shares traded, while the power generation and distribution and engineering sectors followed with 12.9 m and 10.5m shares traded respectively.

Volumes were led by:

  • WorldCall Telecom: 18.5m shares traded [-4.79pc];

  • TRG Pak Ltd: 8.3m shares traded [-5.00pc];

  • K-Electric Ltd: 5.9m shares traded [-2.43pc];

  • Azgard Nine: 4.6m shares traded [-6.63pc];

  • Shabbir Tiles: 4.5m shares traded [+2.11pc].

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.
Concerning measures
Updated 03 Nov, 2024

Concerning measures

The govt must seek political input and consensus on the changes it is seeking to make and be open about its intentions.
Short-lived relief?
03 Nov, 2024

Short-lived relief?

POLICYMAKERS must be jumping with joy. At the close of the first quarter of FY25, the budget posted a consolidated...
Brisk spread
03 Nov, 2024

Brisk spread

THE surge in polio cases has reached distressing levels with a tally of 45 last reported, after two cases emerged in...