KSE-100 index plunges 519 points amid selling

KSE-100 index plunges 519 points amid selling

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) plunged by 519 points on Tuesday due to across-the-board selling on closing.

The benchmark index ended at 46,009 points as against the previous day’s close of 46,528 points.

Analysts at Arif Habib Limited said that the market posted an increase of 305 points during the session early on, however lost that gain and by the end of session lost a total of 1055 points (including the erosion of 305 points earned earlier).

At closing, the market saw a steep decline. Selling was witnessed across the board, with heavy implications on Technology and Cement sectors.

Despite low leverage level in the market in DFC, MTS and MFS segments, index melted due to calls of redemption at Mutual Funds.

Regardless of the steep decline in Index, overall trading volumes remained low compared to the hay days seen in outgoing fiscal. Among scrips, TELE realized trading volumes of 28.1 million shares, followed by WTL (26.4 million) and TPL (21.4 million).

Sectors contributing to the performance include Cement (-101 points), Technology (-81 points), Banks (-45 points), Fertilizer (-39 points) and E&P (-34 points).

Volumes increased from 194.7 million shares to 325.9 million shares (+67 per cent DoD). Average traded value also increased by 53 per cent to reach US$ 73.1 million as against US$ 47.9 million.

Stocks that contributed significantly to the volumes include TELE, WTL, TPL, BYCO and TRG, which formed 33 per cent of total volumes.

Stocks that contributed positively to the index include HMB (+18 points), MCB (+18 points), BAFL (+14 points), ANL (+14 points) and COLG (+7 points). Stocks that contributed negatively include SYS (-53 points), MEBL (-37 points), HBL (-34 points), LUCK (-32 points) and TRG (-23 points).