Stocks tumbled by 378 points Tuesday to close at 33,958.12 points from Monday's 34,336.47 points weighed mainly by global markets turmoil. Equity analysts attribute the "major fall" to investors concern for uncertainty on international markets and pressure on the local money market. Losing 1.1 percent, benchmark KSE-100 index showed volatility by hitting the intraday high and low of 34,359.05 and 33,944.23 points.
Compared to Monday's 219.6 million shares, trading turnover contracted to 205 million shares valuing up to Rs 8.89 billion. Of the 352 scrips traded, only 91 gained, 237 lost and 24 remained unchanged. While the market capital depleted to Rs 7.201 trillion, the foreign portfolio investment settled in the green marking a net buying of $436,373. SSGC led volume with 22 million shares trade while TRG Pakistan was traded by 19.3 million, Pace Pakistan 12.7 million, SNGPL 10.9 million, KEL 10.2 million, Pak Elektron 9 million, JSCL 8.9 million, Byco Petroleum 8.8 million, Descon Oxychem 5.9 million and Pak Refinery 5.4 million shares.
Futures trade was recorded higher at 33 million contracts compared to 25.6 million of last session. "A major fall was witnessed at KSE on investor concerns for global markets turmoil amid slump in global crude prices," said Ahsan Mehanti of Arif Habib Corp. Uncertainty in global equities, instability in the rupee-dollar parity and concerns for falling local fertiliser and cement prices played a catalyst role in profit-taking in the post earnings season, said the analyst. "Pressure in the currency market where PKR fell against USD and weak international markets let the market to fall," Mohammad Rizwan of Topline Securities said. The index heavyweights - MCB, FFC, Engro and PSO contributed 117 points in the total downfall of 378 points, he said.
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