PSX: Bears roar in the bourse as PM advises phasing-out furnace-oil-based power generation!

KARACHI: Bears continued to color the bourse red on week’s second day. Benchmark KSE-100 Index closed at 38,000, shedding 465 points.

Pundits at the helm of affairs insinuated that PM’s advice to Power Ministry regarding phasing out furnace-oil-based power generation has shaken the investors’ confidence. 

Rs. 4.75b worth of 109m shares were traded today. Value of the shares of 263 companies plummeted, 53 augmented while 21 remained stagnant.

With 27.5m shares changing hands Technology & Communication Sector led the trade. Top five traders of shares today were: WorldCall Telecom, 15.8m shares (+1.05pc); K-Electric Ltd., 11.1m shares (-0.66pc); TRG Pak Ltd., 10.5m shares (-4.99pc); Pervez Ahmed SL, 4.3m shares (-12.00pc); Dewan Cement, 3.6m shares (-6.60pc).

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.