Daily Times

The 100-Index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Monday, losing 1,331.86 points, a negative change of 1.13 percent, closing at 116,255.13 points as compared to 117,586.98 points on the last trading day.

A total of 819,805,715 shares were traded during the day as compared to 935,783,268 shares the previous trading day, whereas the price of shares stood at Rs 38.326 billion against Rs.39.620 billion on the last trading day.

As many as 458 companies transacted their shares in the stock market, 113 of them recorded gains and 291 sustained losses, whereas the share price of 54 companies remained unchanged.

The three top trading companies were Cnergyico PK with 83,169,417 shares at Rs 7.41 per share, Fauji Foods Limited with 47,302,289 shares at Rs.18.41 per share and WorldCall Telecom with 41,293,698 shares at Rs.1.65 per share.

Murree Brewery Company Limited witnessed a maximum increase of Rs.63.08 per share price, closing at Rs 782.55, whereas the runner-up was JDW Sugar Mills Limited with Rs 44.25 rise in its per share price to Rs.747.89.

Rafhan Maize Products Company Limited witnessed a maximum decrease of Rs 138.96 per share closing at Rs 8,855.00 followed by Hallmark Company Limited with Rs 103.85 decline to close at Rs.947.22.

Meanwhile, concerns about China’s stuttering economy, the outlook for US interest rates and the wars in Ukraine and the Middle East were causing a sense of uncertainty ahead of Trump’s return to the White House on January 20.

Investors are steeling themselves for another four years of US friction with China, particularly after Trump warned he would impose hefty tariffs on imports from the country and other key trade partners.

The US dollar dropped half-a-percent versus its Canadian counterpart as reports said Canada’s Prime Minister Justin Trudeau may resign as soon as Monday.

The Canadian dollar firmed “on the back of a broadly softer US dollar but the political shenanigans keep the risks tilted toward the upside” for the greenback, noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Trudeau’s popularity has waned in recent months, with his government narrowly surviving a series of no-confidence votes and critics calling for his resignation.

He has vowed to stay on to guide the Liberals to national elections due this year but has faced further pressure from Trump, who has threatened a 25-percent tariff on Canadian goods after he takes office on January 20.

Dollar support has come in recent weeks from Trump’s pledges to cut taxes and remove regulations that could reignite inflation.

The prospect of prices spiking again has caused traders to pare bets on how many rate cuts the Federal Reserve will make this year.

A hawkish pivot last month took the wind out of the sails of an equities rally.

US jobs data at the end of this week will provide the latest snapshot of the world’s top economy and could play a key role in officials’ decision-making.