Equity market plunges by 948 points on detailed judgment in treason case

Equity market plunges by 948 points on detailed judgment in treason case

KARACHI: The equity market plunged by 948 points on Thursday following detailed judgment release by a special court in high treason case.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,655 points as against 41,604 points showing a decline of 948 points.

Analysts at Arif Habib Limited said that the market take a major plunge today upon release of detailed judgment of Pervez Musharraf that caused panic among investors and raised concern about the ongoing spat between the State Institutions.

Besides, start of roll-over week is also close which along with situation at border cautioned investors to better book profits than hold positions. The index dropped 1189 points during the session, besides an increase of 193 points, earlier in the session.

Buying activity was observed in MoC that helped recovery of ~250 points, closing the index at -948 points. O&GMCs garnered most volume with 30.9 million shares followed by Vanaspati (26.4 million) and Cement (25.9 million). Among scrips, UNITY realized trading volume of 26.4 million shares, followed by HASCOLR1 (13.2 million) and FFL (12.6 million).

Sectors contributing to the performance include Banks (-212 points), E&P (-172 points), Fertilizer (-94 points), Power (-68 points) and Cement (-63 points).

Volumes declined from 276.3 million shares to 260.1 million shares (-6 percent DOD). Average traded value also declined by 7 percent to reach US$ 73.2 million as against US$ 78.5 million.

Stocks that contributed significantly to the volumes include UNITY, HASCOLR1, FFL, EPCL and TRG, which formed 28 percent of total volumes.

Stocks that contributed positively include SHFA (+10 points), MTL (+2 points), SPWL (+0 points), DCR (+0 points). Stocks that contributed negatively include HBL (-71 points), OGDC(-60 points), PPL (-57 points), HUBC (-54 points), and DAWH (-52 points).

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