KARACHI: The stock market lost another 805 points on Friday owing to massive depreciation of Pak Rupee and upcoming monetary policy.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,167 points as against 33,971 points showing a decline of 805 points.
Analysts at Arif Habib Limited said that the market dropped again in a free-fall fashion with -965 points (-2.9 percent) amidst negativity from falling rupee against US Dollar and upcoming Monetary Policy to be announced on Monday.
Selling was seen across the board, whereas value buyers sought for deeper discounts.
Several stocks hit lower circuits, including SSGC, SNGP, MLCF, DGKC, ISL etc. Banking sector also turned negative with HBL and UBL showing downtrend. Power Sector saw highest volumes with 20 million shares (courtesy of KEL that scored 15M), followed by Banks (12 million) and Cement (8 million).
Sectors contributing to the performance include E&P (-161 points), Fertilizer (-159 points), Banks (-87 points), O&GMCs (-68 points) and Cement (-66 points).
Volumes declined further from 109mn shares to 90mn shares (-17 percent DoD). Average traded value also declined by 19 percent to reach US$ 20.8mn as against US$ 25.6mn.
Stocks that contributed significantly to the volumes include KEL, PIBTL, UNITY, BOP and HUBCR, which formed 37 percent of total volumes.
Stocks that contributed positively include PAKT (+8 points), HMB (+6 points), NATF (+3 points), SCBPL (+2 points) and SPWL (+1pt). Stocks that contributed negatively include FFC (-64 points), PPL (-57 points), ENGRO (-52 points), OGDC (-42 points) and POL (-37 points).