PSX REMAINS IN DEEP RED ZONE
By Commerce Reporter
KARACHI: KSE100 Index shed 462 points as investors converged to profit taking here amidst political turmoil. From the peak of over 500 points to the wavering mid-day performance the Pakistan Stock Exchange (PSX) has been tracking developments on the political front. As the political environment remained clouded with the ongoing investigation over the Panama Case, investors resorted to a cautious approach and preferred profit taking, analysts said. The benchmark KSE 100 index touched its intraday high of 48,601.75 after appreciation of 530.71 points but the last two hours of trading ripped it all away. The index dropped to an intraday low of 47,484.85 with the loss of 586.19 points. The red was visibly clear during the last few hours of the day. Political uncertainty, a paradigm shift to MSCI and shorter Ramzan timings led to the decay in points. Trading activity was led by the cement sector, with 71 million shares changing hands during the session, followed by the banking and engineering sectors with 41m and 35m shares respectively. A total of 75m shares of KSE-100 companies changed hands during the session, with a total worth of nearly Rs8.2 billion. Stocks of 373 companies were traded, of which 81 gained in value, whereas 269 declined and 23 remained unchanged. Volumes were led by Power Cement(R): 59.5m shares traded [-60.38 pc],Bank of Punjab: 19.6m shares traded [-35.09pc], Dost Steels Ltd: 17.6m shares traded [-7.14pc], TRG Pak Ltd: 13.6m shares traded [-4.91pc] and K-Electric Ltd: 7.6m shares traded [-2.87pc].