PSX tumbles 446 points to close below 49,000-level

KARACHI: Beginning of a futures rollover week proved to be a bad omen for the market, as outstanding positions in February’s future contract took a toll on the index.

Zeeshan Afzal, Executive Director Research Inside Securities, said that the futures accounted for almost 33% of the traded value, while activity in the regular market dropped significantly. Overall traded value did not reflect the true picture as futures made up for the lost volumes to some extent.

Security issues and Panama case hearings remained a negative factor, leading the Pakistan Stock Exchange to close below 49,000 points.

At the close of market today, 344 million shares worth Rs4.74 billion were traded.