Bearish trend leads PSX-100 to close at 48,888.54 points

KARACHI: Bearish spells continued to keep the Pakistan Stock Exchange under pressure, closing the session on Monday in red at 48,888.54 points (-0.65%).

Participation remained on the lower end, with 316 million shares traded against 10-days moving average of 449 million shares.

Invest and Finance Securities Limited CEO Muzzamil Aslam says that developments over the weekend regarding fertilizer subsidy kept notable fertilizer names in the limelight. Fauji Fertilizer Company (FFC), Engro Fertilizers (EFERT), Fauji Fertilizer Bin Qasim Group (FFBL) and FATIMA ended the day in the green territory.

Major laggards were UBL (-4.49%, 1.95 million shares), HBL (-2.26%, 1.51 million shares) and MCB (-2.06%, 0.95 million shares). The scrip specific chart was topped by K-Electric (+2.27%, 22.75 million shares).

Top value leaders for the day were GLAXO (+5%, 4.74mn shares, PKR1231.08mn, US$11.72mn), followed by EFERT (+1.15%, 16.94mn shares, PKR1197.95mn, US$11.41mn) and SNGP (+4.99%, 12.18mn shares, PKR1090.51mn, US$10.39mn).).