KARACHI: Pakistan Stock Exchange Tuesday witnessed a bloodbath due to ‘political turmoil’ in the country. The market opened with depressive sentiments and further tumbled following the arrest of the former prime minister Imran Khan, analysts said. The benchmark KSE-100 Index plunged by 455.68 points or 1.09 percent and closed at 41,373.81 points. The index hit 41,278.74 points intraday low .
Daily trading volumes on ready counter stood at 203.053 million shares as compared to 179.050 million shares traded on Monday while total daily traded value on ready counter increased to Rs 5.847 billion against previous session’s Rs 4.761 billion.
BRIndex100 decreased by 53.4 points or 1.26 percent to close at 4,189.41 points with total daily turnover of 178.863 million shares.
BRIndex30 declined by 206.18 points or 1.39 percent to close at 14,574.28 points with total daily trading volumes of 120.311 million shares. Foreign investors however remained net buyers of shares worth $61,642. Total market capitalization declined by Rs 58 billion to Rs 6.217 trillion. Out of total 329 active scrips, 245 closed in negative and only 73 in positive while the value of 11 stocks remained unchanged.
WorldCall Telecom was the volume leader with 31.001 million shares however lost Rs 0.04 to close at Rs 1.16 followed by NBP that closed at Rs 21.08, up Rs 0.01 with 10.607 million shares. K-Electric inched down by Rs 0.05 to close at Rs 1.93 with 8.268 million shares.
Rafhan Maize and Siemens Pak were the top gainers increasing by Rs 39.75 and Rs 33.51 respectively to close at Rs 8249.75 and Rs 634.00 while Fazal Cloth and Mari Petroleum were the top losers declining by Rs 10.76 and Rs 9.58 respectively to close at Rs 135.91 and Rs 1550.74. “A bloodbath session was recorded at the PSX following the political turmoil in the country,” an analyst at Arif Habib Limited said.
The market opened with depressive sentiments and the stocks further tumbled down following the arrest of the former Prime Minister Imran Khan resulting the index to lose 551.76 in the intraday. Investor participation remained reasonable as decent volumes were recorded across the board while 3rd tier stocks remained in the limelight.
Sectors contributing to the performance include Commercial Banks (down 109.5 points), E&P (down 78.3 points), Fertilizer (down 56.3 points), Inv. Banks / Inv. Cos. / Securities Cos. (down 36.7 points) and Technology & Communication (down 33.1 points).
BR Automobile Assembler Index decreased by 92.43 points or 1.23 percent to close at 7,442.86 points with total turnover of 1.831 million shares.
BR Cement Index lost 25.55 points or 0.61 percent to close at 4,163.70 points with 16.379 million shares.
BR Commercial Banks Index plunged by 119.8 points or 1.34 percent to close at 8,848.45 points with 30.021 million shares.
BR Power Generation and Distribution Index inched down by 44.0 points or 0.59 percent to close at 7,460.00 points with 15.630 million shares.
BR Oil and Gas Index declined by 57.05 points or 1.46 percent to close at 3,847.51 points with 28.614 million shares.
BR Tech. & Comm. Index fell by 38.92 points or 1.0 percent to close at 3,850.90 points with 44.942 million shares.
Sara Saeed at JS Global Capital said that the KSE-100 index continued with the declining trend and closed at 41,374 level, losing 456 points. A total of 203 million shares were traded with major contribution from WTL (down 3.3 percent), NBP (zero percent), KEL (down 2.5 percent), TPLP (down 3.7 percent) and HASCOL (down 5.6 percent). Uncertainty on political front as former Prime Minister Imran Khan got arrested.
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