KSE-100 index falls by 300 points in mixed trading


KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down by 300 points on Wednesday in mixed trading activities.




The index closed at 39,303 points as against 39,603 points showing a decrease of 300 points.

Analysts at Arif Habib Limited said that market plunged again today with a dip of 883 points during the session, which was largely caused by negative news flow on Chinese support for Balance of Payment.

Recovery seem to take place on the back of news making rounds that Asad Umar, Finance Minister, may be given Planning and Development Portfolio and removed as finance minister.

Besides, INIL issued notification on exchange that SNGP has given procurement order that caused stock to hit upper circuit.

Buying activity was observed in blue chips in Cement, Steel, Banks and Fertilizer sectors.
Chemical sector saw larger volumes today as compared to Cement and Banks, with most of the activity in LOTCHEM.

Sectors contributing to performance include Banks (-97 points), Cement (-42 points), E&P (-37 points), Power (-34 points), Food (-25 points), Engineering (+20 points).

Volumes decreased to 138 million shares from 196 million shares (-30 percent DoD).

Average traded value also declined by 39 percent to reach $49.6 million as against $81 million.

Stocks that contributed significantly to the volumes include LOTCHEM, BOP, MLCF, KEL and PAEL reflecting 32 percent of total volumes.

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