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Equities plunge by 880 points on unabated selling

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KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) sharply declined by 880 points on unabated selling in the market.

The index closed at 37,518 points as against 38,398 points showing a decline of 880 points.

Analysts at Arif Habib Limited said that market opened on a positive note but could not maintain positivity, ending the session at 746 points down.

Selling continued unabated over the past couple of sessions, led mainly by Cement and Banking sector scrips.

Among Cement, LUCK and DGKC caused the most dent and accentuated by MLCF and other peers. Besides, Steel sector also went down significantly without giving due regard to the increase in the price of end products that ASL and ISL announced during the day. By end of a session, Banking sector witnessed a pull-up, recovering the index from day’s low of -993 points to -745 points.

Last half resulted in further drawdown but buying activity in Banks kept the index pulling up.

Sectors contributing to this performance include Banks (-169pts), Fertilizer (-146pts), E&P (-144pts), Cement (-109pts) and O&GMCs (-77pts).

Volumes largely remained the same at 135.2mn shares as against 134.6mn shares (+0.4% DoD). Average traded value improved by 2.6% to reach US$ 40.7mn as against US$ 39.7mn.

Stocks that contributed significantly to the volumes include TRG, KEL, EPCL, PAEL and ASL reflecting 28% of total volumes.

Stocks that contributed positively include MTL (+8pts), KEL (+6pts), MEBL (+5pts), SCBPL (+4pts) and PTC (+3pts). Whereas, scripts that contributed negatively include ENGRO (-65pts), LUCK (-61pts), HUBC (-59pts), MCB (-51pts) and PPL (-45pts).

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