Stock market opens week with bloodbath; hopes for recovery on Tuesday

KARACHI: The Pakistan Stock Exchange (PSX) began the week with a significant downturn closing Monday’s trading session at 78,539.18 points, with a loss of 1,578.71 points.

After opening at 80,117.89 points, the benchmark KSE-100 Index remained in negative territory throughout the day. Monday’s trade recorded an intraday high of 80,085.63 points and a low of 78,404.76 points.

PSX ends day shedding over 1,500 points

Despite the downfall, 13 companies managed to close with gains, while the other 87 in the index ended the day with lower value than opening state.

The top gainers were SNGP (+4.07 per cent), POML (+3.62 per cent), GADT (+1.77 per cent), SHFA (+1.30 per cent), and AVN (+1.19 per cent). The companies which recorded top losses included NCPL (-6.31 per cent), INIL (-5.87 per cent), ABOT (-5.51 per cent), PSEL (-5.43 per cent), and FABL (-5.01 per cent).

Sector-wise, the KSE-100 Index was weighed down primarily by commercial banks, E&P, fertilizer, power generation & distribution, and cement.

One of the primary factors fuelling this decline is political unrest and uncertainty regarding the continuity of harmony in parliament. This political instability also causes uncertainty about the economy.