News Desk: Pakistan Stock Exchange witnessed heavy selling on Monday due to political uncertainty and profit taking.
Index was above 40,000 points at the beginning of the day. However, within an hour profit taking emerged which pushed bench market 100 Index bellow 40,000 points. Index closed at 39,072 points. Trading volume was 277.75 million shares.
Political uncertainty compelled investors to book profit today, said an analyst. “Politics is consuming investors’ attention as a case against PML-N leadership was registered for conspiring against the state and its institution,” said a trader. Opposition parties are holding anti-government rallies this month. Mutual funds were also booking profit today, said a trader.
Market is expected to recover some losses tomorrow but overall sentiments will remain bearish.
Hascol was the most traded script in the market with a volume of 60million shares. Hascol’s share price dropped by PKR 1.30 and closed at PKR 16.07 per share. Share price of TRG dropped by PKR 3.48 today. TRG closed at PKR 43.17.