PSX plunges 936.37 points: BRIndex100 nosedives

Pakistan Stock Exchange Thursday nosedived due to panic selling in almost all sectors.

BRIndex100 lost 109.55 points or 2.74 percent to close at 3,882.55 points. BRIndex100 touched intraday high of 3,998.04 and intraday low of 3,877.13 points. Volumes stood at 202.179 million shares.

BRIndex30 declined by 454.41 points or 2.22 percent to close at 19,982.21 points with a turnover of 130.266 million shares.

The KSE-100 Index plunged by 936.37 points or 2.46 percent to close at 37,101.31 points. Trading activity remained very low as daily volumes on the ready counter decreased to 232.569 million shares as compared to 327.637 million shares traded Wednesday.

The market capitalization declined by Rs 142 billion to Rs 7.116 trillion. Out of total 384 active scrips, 304 closed in negative, only 69 in positive while the value of 11 stocks remained unchanged.

K-Electric was the volume leader with 12.131 million shares. However, the scrip lost Re 0.15 to close at Rs 4.00 followed by Pak Electron that declined by Rs 1.12 to close at Rs 22.39 with 10.324 million shares.

Nestle Pakistan and Island Textile were the top gainers with Rs 96.99 and Rs 69.90, respectively to close at Rs 6,321.99 and Rs 1,560.00. Unilever Foods and Colgate Palmolive were the top losers with Rs 345.00 and Rs 89.99, respectively to close at Rs 6,900.00 and Rs 1,850.01.

BR Automobile Assembler Index plunged by 179.06 points or 2.98 percent to close at 5,823.47 points with total turnover of 1.193 million shares.

BR Cement Index declined by 141.48 points or 4.11 percent to close at 3,301.01 points with 36.953 million shares.

BR Commercial Banks Index fell by 187.18 points or 2.16 percent to close at 8,463.23 points with 20.676 million shares.

BR Power Generation and Distribution Index lost 177.28 points or 3.24 percent to close at 5,289.59 points with 15.714 million shares.

BR Oil and Gas Index decreased by 102.77 points or 2.34 percent to close at 4,287.44 points with 14.394 million shares.

BR Tech. & Comm. Index closed at 869.66 points, down 37.58 points or 4.14 percent with 22.615 million shares.

Muhammad Maaz Mulla at JS Global Capital said that the Pakistan equities nosedived in the trading session with KSE-100 Index shedding 936 points, closing at 37,101 levels, down 2.5 percent.

The market came under pressure as Wednesday's T-bill auction (3months and one year) saw yields increasing which suggest that the SBP might adopt a status quo stance in the Monetary Policy Committee meeting.

Financials were the major laggards, where MEBL (down 5.0 percent) and NBP (down 5.0 percent) closed in the lower circuit. In the E&Ps PPL (down 2.4 percent), POL (down 2.4 percent) and OGDC (down 1.3 percent) closed negative. Further, ENGRO (down 2.5 percent) and FFC (down 2.1 percent) closed in the red zone in the Fertilizers adding more pressure to the index.

In Cements, DGKC (down 5.0 percent) and KOHC (down 5.0 percent) closed in the lower circuit and LUCK (down 4.6 percent) closed negative.