Bears maintain control as PSX continues downward trend

KARACHI: The Pakistan Stock Exchange (PSX) plunged to the second day in a row as the stock market fail to come under control due to the dismal economic situation in the aftermath of the federal budget 2020-21.

The benchmark KSE 100 index plunged by 303.83 points (-0.91%) and closed at 33,538.85. The indices started on a positive and its intra-day high of 33,919.82 points before losing steam and heading on a downward spiral. The total volume of scripts was 115.438 million valued at Rs4.647 billion.

The lower bench KSE 30 index also dropped by 171.48 points (-1.17%) and closed at 14,461.31 points. The total volume of scripts were 40.532 million.

The KMI 30 index declined by 542.25 points (-1.02%) and ended at 55,332.98 points, while the All-Share index dipped by 213.77 points (-0.88%) at 24,125.23.

Once again, Unity Foods (UNITY -3.57%) was the volume leader with 23.975 million shares. This was followed by Media Times Ltd (MDTL 14.38%), Bank of Punjab (BOP 0.12%), Jehangir Siddqui Co. Ltd (JSCL -4.95%) and Hascol Petroleum (HASCOL 0.44%).

The highest contributor which brought the KSE 100 index down was the powe generation and distribution (-17.36 points). The highest change in market capitalization was seen in leasing companies which saw a decline of 2.11%.