KARACHI -  Pakistan Stock Exchange (PSX) Monday began trading week with bearish trend. The KSE 100-index remained under pressure and ended up extending losses from the previous session, closing down 216 points at 40,032 points over concerns on the ongoing political environment in the country.

The index opened the day in red and maintained the color throughout the day. Despite resolution of political turmoil, the investors took bearish bets. Nonetheless, activity was sharp during the early trading hours but was tilted towards KEL, which brimmed with investors’ confidence due to Shanghai Electric’s firm stand on long term investment in its infrastructure to the tune of USD 9 billion, according AHL Market Data.

Major laggards remained heavyweight HUBC (down 2.99%), ENGRO (2.76%) and OGDC (1.25%), which detracted 112 points from the index.  Major contributors to the index were UBL that added 29 points, PAKT 20 points, NESTLE 19 points, TRG 17 points and KEL that added 14 points to the index gain.

On the contrary, scrips that contributed negatively included HUBC that shed 43 points, ENGRO that eroded 43 points, OGDC that detracted 26 points, HBL that shed 23 points and DAWH that took away 22 points from the index.

E&P sector closed in the red where POL (down 1.05%), PPL (down 0.88%) and OGDC (1.25%) were the major laggards in the sector as oil prices slipped on prospects for increased output globally.

Moreover, mixed sentiments were witnessed in the banking sector as heavyweight UBL (up 1.74%) closed in the green zone whereas HBL (down 0.93%) MCB (0.68%) closed in the red zone, stated Danish Ladhani at JS Global.

Volume was largely driven by KEL, TRG, WTL, ANL and DSL which contributed 60% of total market volume. Institutional investors were observed taking positions in KEL.