KARACHI: The equity market ended down by 170 points on Wednesday owing to uncertainty after a political party announced to leave government coalition.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,849 points as against 34,019 points showing a decline of 170 points.
Analysts at Arif Habib Limited said that the market made a strong come back today by registering an increase of 377 points, however, BNP Mengal’s decision to leave PTI Coalition government caused jitters in the market.
The index lost all the gains made during the session and sustained a loss of -243 points, closing the session -170 points.
Political uncertainty amid Corona crisis and border skirmishes between China and India have cumulatively dented the investor sentiment for the moment.
Rupee parity also crossed 165 during the day, whereas international crude prices also picked pace, which in turn caused E&P stocks to post gains. Vanaspati sector topped the volumes with 43.9 million shares, followed by Inv Banks (35.5 million) and Chemical (34.8 million).
Among scrips, UNITY led the volumes with 43.9 million shares, followed by JSCL (28.9 million) and PRL R1 (13.8 million).
Sectors contributing to the performance include Banks (-77 points), Cement (-50 points), Fertilizer (-42 points), O&GMCs (-15 points) and Technology (-9 points).
Volumes increased from 217.9 million shares to 340.8 million shares (+56 percent DoD). Average traded value also increased by 55 percent to reach US$ 61.0 million as against US$ 39.4 million.
Stocks that contributed significantly to the volumes include UNITY, JSCL, PRLR1, AGL and NRSL, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include NESTLE (+10 points), HUBC (+10 points), OGDC (+10 points), SEARL (+9 points) and PMPK (+8 points). Stocks that contributed negatively include MCB (-42 points), ENGRO (-26 points), UBL (-25 points), FFC (-17 points), and HBL (-15 points).