Pakistan equities closed on Monday on a negative note with benchmark KSE 100 Index shedding 469 points, closing at 35,505 levels, down 1.3 percent.
The local bourse kicked off on a negative note where the market nosedived, making a low of -549 points.
An equity analyst at IIS Securities said KSE 100 Index opened on a negative note, negative sentiments were carried by decline in international crude oil prices down by 10 percent since close of business at PSX on Thursday.
E&Ps stocks MARI (-3.56%), OGDC (-2.29%), POL(-5.00%) and PPL (-4.13%) closed in red. Over the weekend Pakistan Economy Watch (PEW) also criticized government for creating market support fund which further added to the negative sentiment.
Maaz Mulla, an equity analyst, expects market to remain under pressure as the PTI government to present Financial Budget 2019-20 soon after Eid holidays on the 11th of June.
E&Ps and Cements were the major laggards today where DGKC (-4.6%), PIOC (-4.1%) and FCCL (-3.9%) were the major laggards whereas LUCK (-2.6%) closed in the red as well.
Pressure was seen in the cements as the Monday’s meeting of cement manufactures in the North ended without any consensus to increase the cement prices as were expected.
OGDC (-2.3%) and PPL (-4.1%) ended negative whereas POL (-5%) closed limit down as the International oil prices extended losses due to aggressive US trade policies. Mixed sentiment was seen in the Commercial Banks where HBL (+3.2%) and MCB (+3.3%) closed in the green zone but UBL (-0.5%) closed negative. Average daily traded value stood at US$31 million, down 47 percent and volume stood at 125 million shares, down 37 percent. Furthermore, major contribution to total market volume came from BOP (-4.7%), WTL (+6.1%), MLCF (-1.3%), OGDC (-2.3%).