KSE-100 index ends down by 300 points on political rift

KSE-100 index ends down by 300 points on political rift

KARACHI: The benchmark KSE-100 index ended down by 300 points on Wednesday on reports of rift in ruling party, analysts said. The index closed at 45,682 points as against previous day’s closing of 45,982 points, showing a decline of 300 points.

The analysts at Arif Habib Limited said that the market turned negative today which was a reflection of political uncertainty created by the rifts between the senior members of the ruling party.

The index bore regression of 369 points during the session and realized a pull back, ending the session -300 points.

Cement, O&GMCs, Banks, Refinery, Steel sector stocks saw selling pressure.

However, the sentiment turned particularly negative due to persistent selling in Technology stocks. Among scrips, KEL led the table with 65.4 million shares, followed by UNITY (56.9 million) and HASCOL (44.1 million).

Sectors contributing to the performance include Technology (-83 points), Cement (-72 points), Banks (-53 points), Textile (-29 points) and O&GMCs (-24 points).

Volumes increased from 536.8 million shares to 578.3 million shares (+8 percent DoD). Average traded value also declined from US$ 150.8 million to US$ 135.7 million.

Stocks that contributed significantly to the volumes include KEL, UNITY, HASCOL, WTL and TELE, which formed 41 percent of total volumes.

Stocks that contributed positively to the index include MARI (+16 points), HASCOL (+14 points), KEL (+14 points), OGDC (+13 points) and ENGRO (+10 points). Stocks that contributed negatively include TRG (-70 points), LUCK (-24 points), HBL (-23 points), PSO (-22 points) and HUBC (-22 points).

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