Equity market plunges by 600 points

KARACHI: The equity market plunged by 600 points on Monday owing to reports of possible border confrontation between Pakistan and India.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,922 points as against 37,522 points showing a decline of 600 points.

Analysts at Arif Habib Limited said that negative news flow over the weekend, especially possible border confrontation between Pakistan and India, as highlighted by Foreign Minister, in addition to macro-economic woes added to deficit of Investor confidence.

The index slid by 783 points during the session and closed 600 points down.

Cement blue chips hit lower circuits, especially LUCK, DGKC and MLCF that contributed to decline in KSE100. Cement Sector topped volumes table with 20 million shares, followed by Power and Banks. Among Scrips, KEL registered highest traded volume of 10.9 million shares followed by FCCL (9.5 million).

Sectors contributing to the performance include Cement (-120 points), Banks (-79 points), Fertilizer (-59 points), O&GMCs (-59 points), E&P (-58 points).

Volumes increased slightly from 101.7 million shares to 106.9 million shares (+5 percent DoD). Average traded value also increased by 9 percent to reach US$ 28.9 million as against US$ 26.6 million.

Stocks that contributed significantly to the volumes include KEL, FCCL, UNITYR1, BOP and MLCF, which formed 38 percent of total volumes.

Stocks that contributed positively include HUBC (+17 points), HBL (+10 points), NESTLE (+9 points), FABL (+6 points), and IGIHL (+3 points). Stocks that contributed negatively include LUCK (-56 points), ENGRO (-26 points), MCB (-24 points), SEARL (-22 points) and PSO (-22 points).

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