KARACHI: Stocks on the Pakistan Stock Exchange (PSX) failed to find a floor on the first day of rollover week, as bears seized control of the market as the benchmark KSE-100 index took another beating, plunging more than 300 points during the session.
On Monday, the market gave up gains in the absence of significant positive triggers that may have offered direction to the market.
Market participants were not interested in a lot of financial results that were released during the day, so they didn’t start new positions.
At Meezan Bank, they announced their CY21 results. Profits rose 26% from last year, and the final dividend of Rs1.50 made it total to Rs6, for a cash distribution of Rs6 for the year.
Topline Securities said the aforementioned result exceeded expectations owing to higher-than-expected net spread earned and free commission income.
Furthermore, Nishat Mills reported its 1HFY22 financial results, which showed profits per share of Rs 15.9, a 216 percent increase year on year.The business made no announcement about compensation in light of the outcome.
The benchmark KSE-100 index fell 313.02 points, or 0.69 percent, to close at 45,362.85 points.
During the session, 339 businesses’ shares were exchanged. At market closing, 96 scrips were in the green, 225 were in the red, and 19 were unchanged.
Overall, trading volume decreased to 137.6 million shares from 194.05 million on Friday. During the day, Rs 3.61 billion worth of shares were exchanged.
WorldCall Telecom was the most actively traded stock, with 19.08 million shares changing hands. The stock lost Rs0.09 to settle at Rs1.85. It was followed by Hum Network Limited, with 11.26 million shares trading at Rs7.62, up Rs0.15, and K-Electric, with 8.9 million shares trading at Rs3.30, down Rs0.18.
