The Pakistan Stock Exchange (PSX) on Monday commenced the week on a bearish note, with the benchmark KSE-100 index plunging 94 points to close at 44,457.

The index had opened higher and touched a peak of 44,856 points within the first few minutes, but could not sustain the positive momentum. The market eventually slid to a day's low of 44,338 points near the close of the session.

In all, 192.3 million shares worth Rs8 billion changed hands. Of the total of 362 traded scrips, 148 advanced, 197 declined and 17 remained unchanged.

"The benchmark index traded in a 500-point range. Initial excitement, surrounding the discount rate hike, was seen in the banking and cash-rich auto sector," a Topline Securities report read.

"However, the selling pressure was seen in the broader market as investors weighted the negative impact of the rate hike on other sectors and companies," it added.

"Participation declined as traded volumes dropped by 29 per cent, whereas traded value was down 12pc," the report read.

The banking sector dominated trading with 50.1m shares traded; cement and chemical scrips followed with 32.7m and 10.8m shares traded respectively.

Volumes were led by:

-Dewan Cement: 23.7m shares traded [+4.99pc];

-B.O.Punjab: 23.3m shares traded [+3.72pc];

-Azgard Nine: 7.6m shares traded [+4.99pc];

-Pace (Pak) Ltd: 6.8m shares [-5.97pc];

-Dewan Motors: 6.1m shares traded [+4.98pc].

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

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
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.