Karachi: KSE-100 index seen a decline of 390 points on Monday. It completes negative for the third consecutive session. The correction and huge selling by investors from foreign destinations in the heavy-index organization made it near to the 45,700 mark.
The KSE-100 benchmark kept plunging as benefit taking remained the request of the day. concrete, auto, oil and refinery segments.
Vulnerability on the political front added to financial specialists’ stress with news of outside holder offloading an extensive square of offers in the Oil and Gas Development Company setting the tone for the benchmark.
At close, the benchmark KSE 100-share Index recorded a diminishing of 389.62 focuses or 0.85% to settle at 45,682.24.
Solution Securities’ examiner Jawwad Abubakr said values expanded decreases with oils (- 2%) causing the significant imprint.
“The day commenced on a negative note with showcase discuss a substantial square on offer in Oil and Gas Development Company (OGDC PA – 4.8%) by an outside holder at a rebate. Around 35 million offers were offered at Rs164-168 and advertise talk proposes the piece arrangement would be finished by the day’s end at Rs164/share, 2% rebate to Monday’s end cost,” remarked Abubakr.
On comes about front, Attock Refinery (ATRL – 3.9%) shut in red in the wake of declaring lower quarterly income. Pakistan Oilfields (POL PA – 0.5%) discharged outcome post-retail close with profit marginally underneath our appraisals at Rs13.15/share.
In general, exchanging volumes diminished to 144.8 million offers contrasted and Friday’s count of 197.4 million.
Brief Over View of Share Prices
347 organizations’ were traded during the day. shares By the day’s end, 106 stocks shut higher, 250 declined while 18 stayed unaltered. The estimation of offers exchanged amid the day was Rs6.7 billion.
Solidarity Foods was the volume pioneer with 12 million offers, picking up Rs1.33 to close at Rs28.01. K-Electric with 10.3 million offers, losing Rs0.07 to close at Rs7.04. Engro Polymer with 9.8 million offers, losing Rs0.85 to close at Rs38.37.
Remote institutional financial specialists were net venders of Rs4.5 billion worth of offers amid the exchanging session. The information ordered by the National Clearing Company of Pakistan.