PSX closes at low as bank holiday keeps market sentiment muted

KARACHI: Pakistan’s benchmark index touched another low on Monday, falling 1,264.79 points or (-1.12 per cent) closing at 111,986.88.

Trading volumes remained lower as it marked the first session of Ramadan, coupled with a bank holiday, which kept the overall market sentiment muted.

“The benchmark index closed on a negative note, gradually shedding points throughout the session.

Trading volumes remained lower as it marked the first session of Ramadan, along with bank holiday, keeping the overall market sentiments muted,” said a note of Ismail Iqbal Securities.

IMF delegation arrives in Pakistan for economic review

The commercial banks, technology and communication and oil and gas exploration companies sectors were the major laggards in today’s session, cumulatively losing 498 points from the index.

“The negative sentiment was driven by the lack of a positive trigger, in addition to ENGROH earnings falling short of expectations, which contributed 424 points to the decline. The shorter trading hours also put pressure on the market,” said a note of Topline Securities.

Despite the downturn, overall market activity saw 207 million shares traded with a total turnover of Rs11.8 billion, led by NBP with 23 million shares exchanged.