Pakistan Stock Exchange Monday nosedived due to panic selling over the prevailing geo-political situation.
BRIndex100 lost 118.71 points or 2.67 percent to close at 4,321.27 points. BRIndex100 touched intraday high of 4,415.82 and intraday low of 4,310.61 points. Volumes stood at 249.863 million shares.
BRIndex30 declined by 659.59 points or 2.81 percent to close at 22,803.28 points with a turnover of 183.907 million shares.
The KSE-100 Index plunged by 1,027.06 points or 2.43 percent to close at 41,296.24 points. Trading activity also remained thin as daily volumes on the ready counter decreased to 266.633 million shares as compared to 322.885 million shares traded last Friday.
The market capitalization declined by Rs 169 billion to stand at Rs 7.847 trillion. Out of total 359 active scrips, 325 closed in negative, only 28 in positive while the value of 6 stocks remained unchanged.
K-Electric was the volume leader with 46.030 million shares. However, it lost Re 0.09 to close at Rs 4.53 followed by Unity Foods that declined by Re 1.00 to close at Rs 15.59 with 17.565 million shares. Bhanero Textile and Jubilee Life Insurance were the top gainers with Rs 39.95 and Rs 9.99, respectively to close at Rs 839.00 and Rs 399.99. Rafhan Maize and Unilever Foods were the top losers with Rs 165.00 and Rs 150.00, respectively to close at Rs 7,255.00 and Rs 7,650.00.
BR Automobile Assembler Index plunged by 228.63 points or 3.61 percent to close at 6,102.15 points with total turnover of 1.816 million shares.
BR Cement Index declined by 169.93 points or 4.44 percent to close at 3,653.80 points with 22.846 million shares.
BR Commercial Banks Index decreased by 165.52 points or 1.69 percent to close at 9,636.30 points with 29.114 million shares.
BR Power Generation and Distribution Index fell by 169.72 points or 2.93 percent to close at 5,626.63 points with 52.561 million shares.
BR Oil and Gas Index closed at 4,872.74 points, down 100.23 points or 2.02 percent with 25.668 million shares.
BR Tech. & Comm. Index lost 46.2 points or 4.39 percent to close at 1,005.57 points with 22.164 million shares.
Maaz Mulla at JS Global Capital said carnage was witnessed at the local bourse as the KSE-100 Index lost 1,027 points to close at 41,296 level (down 2.4 percent).
This pressure in the market was on the back of news that US and Iran exchanged threats of targeting installations and assets of each other after the killing of Iran's military commander Qasem Soleimani in a US drone attack in Baghdad last Friday. However, likely redemptions in mutual funds may have played their part.
ENGRO (down 3.9 percent), LUCK (down 4.0 percent), HUBC (down 3.1 percent), PPL (down 2.2 percent), MCB (down 1.8 percent) and BAHL (down 2.6 percent) were among major laggards which dragged the index down.
Overall, the market came under the hammering belt as investors opted to reduce positions where Cements, Steel and Pharma were on the receiving end. DGKC (down 5.0 percent), PIOC (down 5.0 percent), MLCF (down 5.3 percent), CHCC (down 5.0 percent), LUCK (down 4.0 percent), ASTL (down 5.0 percent), ISL (down 4.9 percent), SEARL (down 5.0 percent), FEROZ (down 5.0 percent) and GLAXO (down 3.8 percent) were major laggards of the mentioned sectors.
Ahsan Mehanti at Arif Habib Corporation said that stocks fell record bearish as global equity sell off continues on US Iran tensions ensuing military conflict. Late session support witnessed in blue chip stocks amid surging global crude oil prices and upbeat data on 31 percent reduction in trade deficit for July-December 2019 at $11.64 billion and higher exports data. He said rupee instability and concerns over ongoing foreign outflows played a catalyst role in bearish close.
Comments
Comments are closed.