KSE-100 ends down 321 points on panic selling

KARACHI: Pakistan Stock Market (PSX) on Thursday fell by 321 points in panic selling over significant decline of rupee against dollar.

The benchmark KSE-100 index of PSX closed at 33,971 points as against 34,292 points showing a decline of 321 points.

Analysts at all the gains made yesterday got eroded in early trading. During the session, the index slid by 717 points however, recovered by the end resulting in closing of – 321 points.

Panic selling ensued increase of Dollar in inter-bank market.

The spread widened in early trades that caused investors to get jittery, which was followed by across the board selling.

Cement, Steel and Auto Sector scrips received most of bantering whereas selling was generally observed in scrips that positively relate to increase in rupee dollar parity. Buying activity was seen mid day that resulted in recovery of ~500 points.

By the end of session, SBP’s notification for release of Monetary policy on May 20.

Sectors contributing to the performance include E&P (+78 points), Power (+16 points), Banks (-112 points), Cement (-69 points), O&GMCs (-62 points), Fertilizer (-49 points), Pharma (-21 points).

Volumes declined from 111 million shares to 109 million shares (-2 percent DoD). Average traded value however, declined by 16 percent DoD to reach US$ 26.5 million as against US$ 31.5 million.

Stocks that contributed significantly to the volumes include KEL, PIBTL, UNITY, TRG and PSX, which formed 35 percent of total volumes.

Stocks that contributed positively include POL (+55 points), PPL (+41 points), HUBC (+27 points), PAKT (+9 points) and NESTLE (+6 points). Stocks that contributed negatively include HBL (-38 points), LUCK (-25 points), PSO (-23 points), MCB (-21 points) and OGDC (-19 points).

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