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Economic jitters sees PSX shed 500 points

The top decliner was Al Shaheer as its share prices fell by a third or around 31 paisas, to fall to 64 paisas

Rizwan Alam Jan 09, 2023

With the country’s forex reserves falling to dangerously low levels, the stock exchange on Monday suffered a meltdown, hemorrhaging some 502.76 points.

The index opened the new week at 41,007.52 points. But from the moment the bell rang, negativity gripped the index.

A slight rally at the top of the morning session indicated that the index may shrug off the current account deficit news and rumors of the country’s foreign exchange reserves falling below the levels stated by the State Bank of Pakistan (SBP), it caused the index to slide.

Over the course of the day the index slid to a low of 40,436.82 points.

Compared to the day high of 41,074.73 points it had reached in the morning, the fall was worth around 637.91 points, despite the oscilations.

By the end of the day, the index reatined some pride and closed at 40,504.76 points, down cumulatively by 502.79 points or 1.23%.

Around 97.519 million shares were traded on Monday, worth around Rs6.129 trillion.

The top decliner was Al Shaheer (ASCR2), which fell by 32.63% as its share price fell by a third or around 31 paisas to fall to 64 paisas. Around 3.254 million shares were traded.

It was followed by Grays Leasing Limited (GRYL), which saw 500 shares traded but at a loss of 15.32% in value, down 59 paisas to the new value of Rs3.26.

Similarly, Askari Life Assurance Company Limited (ALAC) saw its share prices tumble by 15.32%, down 95 paisas to Rs5.25 with 41,500 shares traded.

The ex-dividend stock, Pak-Gulf Leasing Company Limited (PGLC) saw its share prices fall by 14.52% or 90 paisas to fall to Rs5.30.

The negativity spread to the top active stocks with Pakistan Refinery Limited (PRL) seeings its share price tumble 0.43%, down six paisas to Rs13.75 with some 17.57 million shares traded.

With a breather of Pakistan Petroleum Limited (PPL) that saw 13.971 million shares traded on Monday with a gain of Rs2.94 per share (3.87%) to rise to Rs78.99.

It was followed by Cnergyico PK Limited (CNERGY) which saw a another day of depreciation, losing around 3.46% of its share value and aroudn 12.37 million shares traded as its share price fell to Rs3.91.