KSE-100 index recorded another huge loss on Monday. Statistically a loss of 1,855.12 points that is 3.75% was seen. The day closed at 47,671.80. This is a third consecutive loss for KSE-100. The trading session was not boring; it went down and kept falling from the start till the end of the day.
As per the report by Elixir Securities the losing streak has continued this week. Reason apparent is the tension in domestic politics damaging sentiments of people and companies. Ali Raza described this tension and said that the news of PM of Pakistan to appear before the Joint Investigation Team on June 15 related to suspected corruption charges on him and his family has affected the stock market negatively.
Read also: KSE 100 gained 18.18 points in index
When the day closed oil and industrial stock recorded lowest points, while almost all other sectors went down as well in index. This became the reason of fall of 1,855 points and a close at 47,672
Raza further said that the unstable trading is expected to continue due to domestic politics. The significant factor that can guide market in right direction would be institutional flows
The main contributors in the index were Engro, OGDC, Habib Bank, Hub Power and Lucky Cement with -4.97%, -5%, -3.27%, -4.24% -3.76% respectively. Overall they contributed -482 points.
Pakistan Oilfields and Pakistan Petroleum closed at -4.94% and -4.08%. United Bank, Habib Bank and MCB Bank lost to -3.27%, -3.16% adding -240 points to the index.
Read more: Loss of 1810.76 points in Index- KSE 100
386 companies were traded
26 stocks closed higher
11 remained same
Value of shares traded on Monday: Rs9.3 billion
As per data by National Clearing Company of Pakistan Limited foreign official investors were remaining buyers of Rs418 million in the stock session on Monday.