The KSE-100 index crossed below 78,000 points on Monday as selling emerged after the initial boost to the trading session. The index closed at 7,830. 34 lower by 214. 96 points or 0. 28%. A little buying came at the last moment which eased off the losses a bit but nevertheless, the market closed in the negative.
This comes as a small slip from Friday’s, which showed that investors have been rather guarded recently. Most have been liquidating stocks to realize gains as they anticipate new reasons to invest, according to analysts. The next one is yet another IMF mission that, after its meeting early this March, will determine the further fate of the $7-billion loan program to Pakistan. Although, the reader is not informed of the time that has been set for this meeting, making it even more unclear.
It has also seen some selling on cement, autos, oil and gas marketing companies, and technology stocks. On the other end, Pakistan Oil Fields Limited (POL) giving positive results of a new oil well in Khyber Pakhtunkhwa was the only bit of positive news in the market.
Total market turnover on the entire stock exchange was much lower at 471. 75 million shares against 600. 72 million as of Friday. The total value traded was also reduced to Rs16. 9 billion from Rs 21. 07 billion. Of them, Kohinoor Spinning Mills was too active with 134. 86 million traded shares, trailed by Yousuf Weaving and Flying Cement. Where 441 companies were trading on Monday, 115 were gainers, 275 were losers and 51 were unchanged.