PSX loses 2,102 points declines to 28,564 points

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ISLAMABAD, Mar 24 (APP): Pakistan Stock Exchange (PSX) Tuesday witnessed bearish trend as KSE 100 index closed at 28,564.83 points as compared to 30,667.41 points on the last working day with the negative change of 2,102.58 points (6.68%).

A total of 98,788,497  shares were traded compared to the trade 244,998,438  shares during the previous day, whereas the value of shares traded during the day stood at 2.484 billion as compared to Rs8.470  billion during last trading day.

As many as 285 companies’ transacted shares in the Stock Market Tuesday, out of which 24 recorded gain and 253 sustained losses whereas the share price of 8 companies remained unchanged.

The three top traded companies were K-Electric Ltd. with a volume of 25,596,500 shares and price per share of Rs 2.99, Unity Foods Ltd with a volume of 11,911,500 and price per share of Rs 8.71 and Bank of Punjab XD with a volume of 9,611,500 and price per share of Rs 8.01.

Bata (Pak) recorded maximum increase of Rs 47.87 per share, closing at Rs 1408.58 while Sapphire Fiber was runner up with the increase of Rs 33.35 per share, closing at Rs 809.99. Colgate Palm recorded maximum decrease of Rs 162.79 per share, closing at Rs2007.87 whereas prices of Philip Morris Pak decreased by Rs 145.54  per share closing at Rs1795.11.

Earlier in the morning, the PSX triggered Market Halt for 120 minutes due to 5 percent decline in KSE-30 index at 11:37 a.m.

All the equity based derivative markets remained suspended for 120 minutes.

Pakistan Stock Exchange as a frontline regulator has introduced market halt action with approval of the Securities and Exchange Commission of Pakistan (SECP) in accordance with international best practices as a means to safeguard the interests of investors and stakeholders. This is a standard protocol for risk management purposes which is triggered when the KSE30 index moves 4% either way and remains there for 5 consecutive minutes. “Market halt” procedure has been introduced by PSX as a front line regulator in line with international best practices and approved by SECP in PSX regulations in December of 2019. The objective of introducing market halt is to safeguard investors and market participants during volatile markets. During this halt, trading in all securities remains temporarily suspended in order to ensure a cooling off period and run a mark to market activity as a risk management measure. PSX remains at the forefront of the Capital market to provide a fair, transparent, and efficient marketplace for the benefit of investors, issuers and all stakeholders.

 

APP/Saeeda