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PSX comes under pressure after 12 days

The Pakistan Stock Exchange came under pressure after twelve days of positive trading. Its benchmark KSE-100 lost over 1,000 points to close at 30,579 on Monday.

Top decliners were Grays Leasing Limited and First Punjab Modarba. They lost 22% and 18.89% of their share price, respectively.

The market turned bearish as the number of known Covid-19 cases rose. News of a decline in the country’s growth projection by the World Bank and Asian Development Bank did not help sentiment.

Despite announcements of a construction sector stimulus package, the cement sector stayed under pressure. The volume leader for Monday, Maple Leaf Cement Factory, that traded 23 million shares, too recorded a decline of 7.3% from its opening price.

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