A carnage was witnessed at the Pakistan Stock Exchange (PSX) Monday as trading was briefly halted for 45 minutes after it recorded the single largest slump in the history during intraday trade, analysts said. However, healthy buying in cement sector at the fag end supported the market to recover almost half of its losses.
The bloodbath situation was triggered by crashing oil prices in the international market. Resultantly, oil stocks hit lower circuit breakers. BRIndex100 lost 127.94 points or 3.22 percent to close at 3,846.36 points. BRIndex100 touched intraday high of 3,972.91 and intraday low of 3,700.33 points. Volumes stood at 295.403 million shares.
BRIndex30 declined by 682.59 points or 3.44 percent to close at 19,187.67 points with a daily turnover of 228.859 million shares.
The KSE-100 Index plunged by 1,160.72 points or 3.04 percent to close at 37,058.95 points. Daily trading volumes on the ready counter however increased to 307.960 million shares as compared to 244.454 million shares traded last Friday.
Foreign investors remained net sellers of shares worth $1.1 million. The market capitalization declined by Rs 184 billion to Rs 6.972 trillion. Out of total 360 active scrips, 218 closed in negative, 125 in positive while the value of 17 stocks remained unchanged.
Fauji Cement was the volume leader with 30.659 million shares. It increased by Rs 1.21 to close at Rs 18.69 followed by Bank of Punjab that lost Re 0.79 to close at Rs 10.72 with 22.968 million shares. Philip Morris Pak and Lucky Cement were the top gainers with Rs 48.99 and Rs 36.72, respectively to close at Rs 1,948.98 and Rs 566.47. Nestle Pakistan and Colgate Palmolive were the top losers with Rs 496.50 and Rs 167.99, respectively to close at Rs 7,203.50 and Rs 2,232.00.
BR Automobile Assembler Index decreased by 62.58 points or 1.11 percent to close at 5,677.70 points with total turnover of 1.614 million shares. BR Cement Index declined by 289.83 points or 6.77 percent to close at 4,568.43 points with 89.785 million shares.
BR Commercial Banks Index plunged by 485.41 points or 5.4 percent to close at 8,495.52 points with 42.635 million shares.
BR Power Generation and Distribution Index shed 197.19 points or 3.93 percent to close at 4,824.22 points with 27.837 million shares. BR Oil and Gas Index fell by 264.44 points or 6.65 percent to close at 3,713.07 points with 19.172 million shares.
BR Tech. & Comm. Index lost 21.31 points or 2.21 percent to close at 944.06 points with 24.135 million shares.
Maaz Mulla at JS Global Capital said carnage was witnessed at the PSX as trading was briefly halted for 45 minutes after it recorded the single largest slump in the history of over negative 2,300 points, or down 6 percent, in intraday trade.
Investors dumped shares as they took cues from plunging global stock markets and the worst slump in international oil prices since the 1991 Gulf war. However the market recovered from its stooping low to close at 37,059 levels, down 1,161 points.
Major movers for the day were HBL (down 7.0 percent), UBL (down 7.0 percent), OGDC (down 7.0 percent), PPL (down 7.0 percent) and ENGRO (down 4.3 percent) which drove the market in the negative zone. On the other hand cement stock bought the recovery in the market as DGKC (up 7.0 percent), MLCF (up 7.0 percent), CHCC (up 7.0 percent), FCCL (up 6.9 percent), PIOC (up 7.0 percent) and LUCK (up 6.9 percent) all closed at their respective upper circuits. OGDC (down 7.0 percent), PPL (down 7.0 percent) and POL (down 7.0 percent) from the E&P sector closed at their lower locks as crude oil prices slumps in the international market.
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