Record-breaking rally halts as PSX sheds over 1,000 points

Market settles at 71,695.03 points after climbing to all-time high of 73,300

KARACHI:

The Pakistan Stock Exchange (PSX) again surged to an all-time high and crossed 73,000 points on Monday as the bourse remained optimistic of positive economic factors following the recent visit of Prime Minister Shehbaz Sharif to Saudi Arabia.

Soon after the market opened, the KSE-100 index surged past the 73,000 mark, reaching an all-time high of 73,300, only to sharply decline thereafter.

The index saw a decline of 1,047.71 points, equivalent to 1.44 per cent, settling at 71,695.03 points compared to the prior day's close of 72,742.74.

Experts believe that the investors booked profits today after last week’s rally.

Read: Bulls roar as PSX soars to new all-time high

Some 385 companies transacted their shares in the stock market; 133 of them recorded gains and 231 sustained losses, whereas the prices of 21 remained unchanged.

The three top trading companies were Hascol Petrol with 60,072,684 shares at Rs8.11 per share, Fauji Fert Bin with 35,168,028 shares at Rs35.62 per share and Pace (Pak) Limited with 32,652,000 shares at Rs3.49 per share.

Hallmark Company Limited witnessed a maximum increase of Rs86.32 per share price, closing at Rs1,239.14, whereas the runner-up was Sazgar Engineering Works Limited with a Rs31.33 rise in its per share price to Rs694.78.

Unilever Pakistan Foods Limited witnessed a maximum decrease of Rs600.21 per share closing at Rs 19,553.71, followed by Nestle Pakistan Limited with Rs338.41 decline to close at Rs7,484.20.