Trading activity also remained thin as daily trading volumes on the ready counter decreased to 198.972 million shares as compared to 289.925 million shares traded Friday last. The market capitalization declined by Rs 116 billion to Rs 9.719 trillion. Out of total 378 active scrips, 280 closed in negative, only 84 in positive while the value of 14 stocks remained unchanged.
Pakistan International Bulk Terminal was the volume leader with 17.309 million shares. It increased by Rs 1.42 to close at Rs 30.41 followed by Aisha Steel Mill that lost Rs 0.33 to close at Rs 25.04 with 13.080 million shares. Pak Elektron declined by Rs 5.76 to close at Rs 109.60 with 12.461 million shares.
Sapphire Textile and K.S.B. Pumps were the top gainers with Rs 79.85 and Rs 17.10, respectively to close at Rs 1,678.19 and Rs 397.00. Sanofi-Aventis and Khyber Tobacco were the top losers with Rs 104.94 and Rs 44.17, respectively to close at Rs 2,371.78 and Rs 840.00.
Arhum Ghous at JS Global Capital said a bloodbath activity was witnessed in the market as the index lost around 611 points to close at 48,689. This pressure in the market was on the back of investor skepticism regarding the political scenario in the country. Banking sector led the decline as the sector lost to close (down 0.7 percent) lower than previous trading session. MCB (down 1.90 percent), UBL (down 1.01 percent) and ABL (down 1.70 percent) in the aforementioned sector lost value to weigh down on the index. On the other hand CPI numbers clocked in at 4.78 percent for the month of April 2017 versus 4.94 percent recorded in last month. In E&P sector, OGDC (down 1.06 percent) and POL (down 1.06 percent) lost value to close in the red zone, as crude oil prices slid to consolidate around $51.91/bbl level. Fertiliser sector closed in the red zone on the back of news that the ECC approved reduction in imported Urea prices to Rs 1,000 per 50kg bag. EFERT (down 1.60 percent), FFC (down 1.48 percent) and FFBL (down 1.49 percent) were the major laggards of the aforementioned sector.
Ahsan Mehanti at Arif Habib Corporation said stocks closed sharply lower on profit-taking in the post major earnings announcements for the quarter on investor concerns over civil-military row on news leaks inquiry report. He said the IMF warnings over debt service burden, rising import bill and falling global crude prices played a catalytic role in major fall at PSX.
Copyright Business Recorder, 2017