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KARACHI: The Pakistan Stock Exchange (PSX) gave in to bearish pressure on Monday as the benchmark KSE-100 index dived over 220 points owing to uncertainty created by the argument between the government and opposition regarding the continuation of fiscal support by the International Monetary Fund (IMF) and the World Bank.
The benchmark index opened down and despite brief spikes it maintained its march towards south. The downward trend turned steeper towards the end of the session. Nevertheless, the bourse managed to sustain the 48,000-point mark.
At close, the benchmark KSE-100 index recorded a decrease of 226.15 points, or 0.47 percent, to settle at 48,012.52 points. The market went as high as 48,372.01 points during intra-day trading, while recorded as low as 47,964.04 points.
Trading volumes inclined to 839.18 million shares, as compared to 750.5 million shares during last trading day, while the daily traded value declined to Rs15.87 billion from Rs20.66 billion in the previous session.
At the closing bell 151 companies had advanced with 220 closing in the red. 19 scrips remained unchanged. Market participation for the KSE100 Index decreased to 227m from 304m (-25% on d/d basis). Major contribution to total market volume came from SILK, HUMNL and WTL combined for 354m shares out of the total market volume of 839m shares.