KARACHI: Pakistan Stock Exchange Monday witnessed panic selling due to investors concerns over prevailing political uncertainty that forced the market to close in deep red.
BRIndex100 lost 116.3 points or 2.81 percent to close at 4,027.02 points. BRIndex100 hit intraday high of 4,143.32 and intraday low of 4,010.06 points. Volumes stood at 383.936 million shares.
BRIndex30 declined by 649.98 points or 3.11 percent to close at 20,224.14 points with a turnover of 272.535 million shares.
The KSE-100 Index plunged by 998.36 points or 2.49 percent and closed below 40,000 psychological level at 39,072.47 points. Daily trading volumes on the ready counter increased to 409.945 million shares as compared to 348.589 million shares traded on previous session.
Foreign investors also were the net sellers of shares worth $3.294 million. The market capitalization declined by Rs 206 billion to Rs 7.332 trillion. Out of total 417 active scrips, 372 closed in negative and only 31 in positive while the value of 14 stocks remained unchanged.
Hascol Petroleum was the volume leader with 60.427 million shares however declined by Rs 1.30 to close at Rs 16.07 followed by Unity Foods that decreased by Rs 1.10 to close at Rs 13.98 with 31.983 million shares. Island Textile and AKD Capital were the top gainers increasing by Rs 18.50 and Rs 7.59 respectively to close at Rs 925.00 and Rs 110.00 while Colgate Palmolive and Nestle Pakistan were the top losers declining by Rs 226.00 and Rs 90.01 respectively to close at Rs 2834.00 and Rs 6600.00.
BR Automobile Assembler Index declined by 171.72 points or 2.34 percent to close at 7,179.17 points with total turnover of 5.207 million shares.
BR Cement Index fell by 112.88 points or 2.02 percent to close at 5,476.56 points with 41.643 million shares.
BR Commercial Banks Index decreased by 123.08 points or 1.49 percent to close at 8,117.63 points with 18.707 million shares.
BR Power Generation and Distribution Index plunged by 213.29 points or 4.44 percent to close at 4,593.16 points with 37.913 million shares.
BR Oil and Gas Index lost 99.49 points or 2.56 percent to close at 3,786.72 points with 71.669 million shares.
BR Tech. & Comm. Index closed at 1,597.56 points, down 93.88 points or 5.55 percent with 45.071 million shares.
An analyst at Arif Habib Limited said that the market lost another 1,206 points during the session, especially in the last half hour of trading, closing the KSE-100 Index down 998 points.
Over the weekend, release of CPI data hinted an increase in policy rate as the negative real interests have increased post increase in CPI. Political uncertainty, on the other hand, has also caused panic amongst investors. Gradual redemptions from Mutual Fund investors have so far resulted in market meltdown however, non-blue chip stocks as well as off-board scrips have sustained heavy losses in terms of drop in prices as compared to blue chip stocks from their recent highs. Selling activity was observed almost across the board, with major contribution from E&P, Banks, O&GMCs sectors.
Sectors contributing to the performance include Banks (down 130 points), Power (down 113 points), Fertilizer (down 111 points), E&P (down 103 points) and O&GMCs (down 71 points).
Stocks that contributed positively to the index include DAWH (up 8 points), GHGL (up 4 points), KOHC (up 1 point) and FML (up 1 points. Stocks that contributed negatively include HUBC (down 74 points), ENGRO (down 56 points), PPL (down 50 points), TRG (down 36 points) and COLG (down 32 points).
Copyright Business Recorder, 2020
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