KARACHI: Pakistan Stock Exchange (PSX) failed to maintain the recovery mood on the first trading day of the week as investors remained on the selling side due to uncertainty on the political front. The fear of unrest and strike call by religious parties convinced investors to lighten portfolios. The recent decline in oil prices in global markets also kept energy and oil stocks under pressure.
The Karachi Share Index (KSE-100) lost 392.06 points (0.87%) after closing at 44,913.57 points against the previous closing of 45,305.63 points. The market went as high as 45,305.63 points during intra-day trading, while recording as low as 44,606.06 points.
Trading volume increased to Rs363.09million shares today, as compared to Rs173.5m traded in the previous session, according to PSX website data. The daily traded value increased to Rs12.7bn from Rs8.7bn in the previous session, the data said.
The strike call and the unrest was the main reason behind today’s fall, while the oil prices in the global market was also down that added to the pressure on energy and oil sector heavyweights, traders and analyst said.
Federal Minister for Interior Sheikh Rasheed Ahmed has said that after the first round of negotiations, the Tehreek-e-Labbaik Pakistan (TLP) has released all the policemen it had been holding hostage.
The minister released a video message late on Sunday night saying that the “first round of talks went well” and the captured policemen have been released. The interior minister said the police have also backed off after the TLP workers went back to the masjid in the Yateem Khana area in Lahore.
At least 300 supporters of the Tehreek-e-Labbaik Pakistan (TLP) have been booked under the anti-terrorism law by the Lahore police for attacking Nawankot police station and taking 11 policemen hostage for almost 24 hours.
The share price of Mari Petroleum increased by Rs46 to Rs1,615.56, while Rafhan Maize gained Rs44.50 to Rs9,250. On the other hand, Colgate Palmolive lost Rs90 today to close at Rs2,660, while Nestle Pakistan lost Rs56.82 to close at Rs5,710.