Stock market plunges by 723 points on weak financial results

KARACHI: The share market plunged by 723 points on Wednesday due to poor financial results of major scrips and confrontation between Pakistan and India on Kashmir issue.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,277 points as against 31,001 points showing a decline of 723 points.

Analysts at Arif Habib Limited said the index was declined due to host of factors including weak economy, confrontation between Pakistan and India on Kashmir issue and poor results.

Redemption at mutual funds kept the flow of selling across the board. Apparently better financial results of MCB & UBL unable to help stock prices of both the banks in place and just prior to result announcement UBL touched lower circuit.

Cement sector led the volumes with 11.9 million shares, followed by banks (8.5 million) and power (7.3 million).

KEL topped the chart at 4.6 million shares, followed by MLCF (4.4 million) and LOTCHEM (2.8 million).

Sectors contributing to the performance include Banks (-200 points), E&P (-176 points), Fertilizer (-89 points), Power (-68 points), O&GMCs (-51 points).

Volumes increased from 54mn shares to 65 million shares (+20 percent DoD). Average traded value increased by 3 percent to reach US$ 17.4 million as against US$ 16.8 million.

Stocks that contributed significantly to the volumes include KEL, MLCF, LOTCHEM, TRG and HASCOL, which formed 27 percent of total volumes.

Stocks that contributed positively include DAWH (+9 points), SHFA (+5 points), KTML (+3 points), FFBL (+3 points) and SRVI (+2 points). Stocks that contributed negatively include OGDC (-70 points), UBL (-55 points), HUBC (-51 points), PPL (-51 points) and ENGRO (-45 points).

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