KSE-100 index down by 535 points on unclear picture of PM’s China visit

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KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down by 535 points due to unclear picture of China visit.

 

 

The index closed at 40,958 points as against 41,494 points showing a decline of 535 points.
The analysts at Arif Habib Limited said that Chinese visit going awry was the sense that prevailed yesterday and same seemed to be on the mind of investors today, when market was seen -62 points at the opening bell.

For a fair part of the session, the index had the bears in control containing the slide to -250 points but by the end of session, despotism and lack of clarity and firm stance by Govt. caused the index to take the bantering.

Major recipients of investors’ wrath among the stocks were Cement Sector and especially MLCF, which lately saw significant buying activity for the reason that the bottom line would be similar to DGKC’s and therefore investors switched positions into MLCF.

The index hit a bottom of -738 points and showed buying activity which pulled the index back to -600 points and recovered further by another ~100 points. Still Cements and Steel contributed to this brief recovery.

Sectors contributing to the performance include Banks (-166 points), Cement (-100 points), E&P (-59 points), O&GMCs (-35 points) and Pharma ( -30 points).

Volumes jumped from 214 million shares to 230 million shares (+8 percent DoD). Average traded value showed a meagre increase of 1.4 percent to reach US$ 73 million as against US$ 72 million.

Stocks that contributed significantly to the volumes include PAEL, EPCL, LOTCHEM, KEL and STCL reflecting 35 percent of total volumes.

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