Saturday , September 19 2020
Breaking News
Home / Markets / PSX drops another 544pts as losing spree continues
PSX drops another 544pts as losing spree continues

PSX drops another 544pts as losing spree continues

KARACHI: The Pakistan Stock Exchange (PSX) again closed negative as the bear-run continued on Wednesday.

The KSE 100 index drove in reverse gear right from the word go, reaching its day’s low of 38,130.07 (down by 1.89pc or 721.89 points). Failing to settle positive, it closed lower by 544.52points at 38,307.44. The KMI 30 index declined by 729.99 points or 1.13pc to end at 64,818.17, while the KSE All Share index fell short by 367.61 points to finish at 28,183.98.

The overall trading volumes improved from 124.01 million in the previous session to 145.63 million. Pak Elektron Limited (PAEL +2.24pc) topped the volume chart with 16.49 million shares exchanging hands, followed by K-Electric Limited (KEL -2.53pc) and TRG Pakistan Limited (TRG -4.23pc). The scripts had traded 16.49 million and 6.91 million shares respectively.

The investment banking sector (-4.03pc), close-end mutual fund sector (-3.67pc), textile weaving sector (-3.53pc), vanaspati and allied industries sector (-3.26pc) and automobile parts and accessories sector (-2.66pc) were the major losers of the day.

Auto sales declined by 25pc YoY or 37pc MoM in November, according to monthly data released by Pakistan Automotive Manufacturers Association (PAMA) on Tuesday. The major cause of decline includes higher vehicle price following rupee devaluation and impact of ban on non-filers reflecting on sales volumes. A partial effect of interest rate hike might also be a reason of decline in demand.

Following the announcement, the automobile sector lost 2pc from its cumulative market capitalization. Millat Tractor Limited (MTL -4.57pc) nearly touched its lower-lock, while Honda Atlas Cars (Pakistan) Limited (HCAR) declined by -4.13pc, Pakistan Suzuki Motors Company Limited (PSMC) by -2.53pc, Atlas Honda Limited (ATLH) by -2.44pc and Indus Motor Company Limited (INDU) by a slight -0.60pc. In the midst of all, Sazgar Engineering Works Limited (SAZEW +3.47pc) and Ghandhara Industries Limited (GHNI +0.55pc) managed to end positive.