Pakistan Stock Exchange Wednesday opened on a positive note, however failed to sustain this momentum and the index plunged into deep red. The exchange had to trigger another market halt to suspend trading for two hours. The declining trend continued even after two hours' market halt due to heavy selling on investor concerns over spread of deadly coronavirus and the stock market closed in negative zone with huge losses.
BRIndex100 decreased by 148.07 points or 5.13 percent to close at 2,739.61 points. BRIndex100 touched intraday high of 2,912.75 and intraday low of 2,734.39 points. Volumes stood at 136.829 million shares. BRIndex30 declined by 763.08 points or 5.36 percent to close at 13,468.71 points with a turnover of 105.777 million shares.
The KSE-100 Index plunged by 1,336.03 points or 4.68 percent to close at 27,228.80 points. Trading activity improved as daily volumes increased to 145.106 million shares as compared to 98.788 million shares traded Tuesday. The market capitalization declined by Rs 204 billion to Rs 5.380 trillion. Out of total 298 active scrips, 205 closed in negative, only 79 in negative while the value of 14 stocks remained unchanged.
Maple Leaf was the volume leader with 14.454 million shares. However, it declined by Rs 1.39 to close at Rs 17.31 followed by K-Electric that gained Re 0.13 to close at Rs 2.78 with 11.624 million shares.
Murree Brewery and Shezan International were the top gainers with Rs 34.49 and Rs 15.25, respectively to close at Rs 602.66 and Rs 289.25. Pak Tobacco and Rafhan Maize were the top losers with Rs 137.90 and Rs 100.00, respectively to close at Rs 1,701.00 and Rs 6,500.00. BR Automobile Assembler Index eroded 229.12 points or 5.29 percent to close at 4,100.31 points with total turnover of 616,500 shares.
BR Cement Index plunged by 203.33 points or 6.83 percent to close at 2,774.57 points with 34.288 million shares. BR Commercial Banks Index declined by 375.69 points or 5.73 percent to close at 6,184.78 points with 21.840 million shares.
BR Power Generation and Distribution Index shed 171.55 points or 4.8 percent to close at 3,402.85 points with 18.120 million shares.
BR Oil and Gas Index lost 129.69 points or 4.63 percent to close at 2,669.69 points with 17.726 million shares. BR Tech. & Comm. Index fell by 28.36 points or 4.47 percent to close at 606.09 points with 5.934 million shares.
Maaz Mulla at JS Global Capital said that the KSE-100 Index opened on positive note making an intraday high of plus 222 points. However, this positivity couldn't last long as investors dumped shares, taking the index to an intraday low of minus 1,396 points, to close at 27,229 level, down 1,336 points. On the news front, the Prime Minister announced a rescue and stimulus package worth about Rs 1.13 trillion aimed at supporting various sectors and the economy in absorbing the adverse impacts of coronavirus pandemic. Moreover, State Bank of Pakistan announced the second cut of its benchmark policy rate by 150 basis points to 11 percent, a week after lowering the policy rate by 75 bps.
Trading activity was halted yet again for 2 hours as the KSE-30 Index traded 5.0 percent lower for 5 minutes. Cements and banking sectors were the major loser of the day where LUCK (down 7.5 percent), DGKC (down 7.4 percent), MLCF (down 7.4 percent), PIOC (down 7.5 percent), HBL (down 7.5 percent), BAFL (down 7.5 percent) and UBL (down 7.5 percent) all closed at their respective lower locks.
E&P sector followed where PPL (down 5.3 percent) and OGDC (down 4.6 percent) closed in the red trajectory. Furthermore, major contribution to total market volume came from MLCF (down 7.4 percent), KEL (up 4.9 percent) and BOP (up 0.9 percent), cumulatively exchanging 34 million shares.