Regional tensions dominate PSX as benchmark sheds 458 points

Published August 5, 2019
The benchmark index commenced the week on a negative note. — Photo courtesy of PSX
The benchmark index commenced the week on a negative note. — Photo courtesy of PSX

The regional tensions caused by the prevailing situation in Indian-occupied Kashmir also influenced the Pakistan Stock Exchange (PSX) on Monday, forcing the benchmark KSE-100 Index to shed 485 points.

The benchmark index commenced the week on a negative note, hitting the day's low around the halfway mark of the trading session at 30,979 before closing at 31,181 points — down 1.5 per cent.

The commencement of the market at 31,666 points remained the day's high.

In all, 52 million shares, worth Rs1.8 billion, changed hands during the session.

"Selling pressure continued at the local bourse in line with the regional markets, as geopolitical tensions between Pakistan and India aggravated on the Line of Control (LoC) after both countries beefed up their security following the decision to revoke Article 370 from Indian-occupied Kashmir," said a JG Global Securities report.

Financials were the major laggards, with big banks including HBL (down 2.1pc), MCB (-2.7pc) and UBL (-5pc) closing in the negative trajectory, the report added.

"Energy stocks followed suit where PPL (-2.3pc), POL (-1.5pc) and OGDC (-1.1pc) closed in the negative zone as international oil price correction triggers shale meltdown."

In the cements sector, according to the JS report, LUCK (-0.9pc), FCCL (-1.6pc), DGKC (-0.9pc) and MLCF (-1.1pc) were the major laggards.

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...