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Stock market sell-off resumes, index drops below 42,000 points

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The benchmark KSE-100 Index once again closed lower on Monday, losing 1.57pc amidst tight volumes as the index slid below 42,000 points to close at 41,974 points.

The US’s recent decision to censure Pakistan for what it perceives is the latter’s role in the subversion of its so-called ‘war on terror’, along with reigning uncertainty in domestic politics continued to exert pressure on the market. The cherry on top was an early morning disclosure by HBL Bank that it’s New York operations were going to be shut down after US authorities pushed ahead with a $630 million penalty for non-compliance with regulations.

KSE-100 volumes remained constricted, dropping from 82.6m in the preceding session to 53.4m today. Values were similarly lower, dropping from Rs7.58 billion on Friday to Rs4.56bn today.

A total 343 symbols were traded on the stock exchange on Monday, of which 238 declined, 81 advanced and 24 remained unchanged. Overall volumes were also lower, clocking in at only 103m shares worth Rs5.7bn.

Volumes were led by textile stocks (15.9m shares traded), followed by technology and communication scrips (14.3m shares traded) and oil and gas marketing companies (12.65m shares traded).

Volume leaders for the day included:

  1. Azgard Nine: 12.75m shares traded (-6.29pc)

  2. TRG Pak Ltd: 11.5m shares traded (-4.99pc)

  3. Sui South Gas: 7.89m shares traded (-0.13pc)

  4. Bank of Punjab: 4.41m shares traded (-3.97pc)

  5. Sui North Gas: 3.68m shares traded (+0.52pc)

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