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PSX loses huge 1,002pts as bearish note persists

KARACHI: The Pakistan Stock Exchange witnessed another bearish day on Thursday as the benchmark 100-index shed over 1,000 points to close below 39,000.

After a brief open in the positive territory, the KSE-100 index tumbled to the intra-day low of 38,247 points as selling pressure drove the market down. Additionally, uncertainty about the government’s economic policies also dented sentiments.

At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 1,002.48 points or 2.55% to settle at 38,300.63.

The sell-off by mutual funds so far this month stands at $19 million, while insurance companies have been the only notable buyers, mopping up shares of $15 million. The losses were again witnessed at the bourse as the KSE-100 index lost 1,002 points to close at 38,301.

MCB Bank (-4.5%), Pakistan Petroleum (-3.1%), Engro (-3%), Habib Bank (-2.6%) and Pakistan State Oil (-4.7%) were among major laggards which dragged the index down by 299 points.

The banking sector lost ground and big banks contributed 193 points to the declining index. Allied Bank (-5%), MCB Bank, Habib Bank, United Bank (-1.9%) and National Bank (-2%) remained in the red zone.

The cement sector received a battering where big players Pioneer Cement (-4.7%), Cherat Cement (-2.6%), DG Khan Cement (-2.6%), Fauji Cement (-2.1%) and Lucky Cement (-2.1%) shed values.

Overall, trading volumes increased to 189.8 million shares compared with Wednesday’s tally of 138.1 million. The value of shares traded during the day was Rs8.98 billion.

Shares of 358 companies were traded. At the end of the day, 80 stocks closed higher, 262 declined and 16 remained unchanged.

WorldCall Telecom was the volume leader with 20.7 million shares, losing Rs0.08 to close at Rs1.58. It was followed by K-Electric with 15.5 million shares, losing Rs0.14 to close at Rs5.18 and Pak Elektron with 10.6 million shares, losing Rs1.13 to close at Rs24.90.

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