KARACHI: The stock market plunged by 882 points on Thursday owing to set back for the government in the Senate elections.
The benchmark KSE-100 index closed at 45,279 points as against previous day’s closing of 46,161 points, showing a decline of 882 points.
Analysts at Arif Habib Limited said that the incumbent government’s defeat at Senate elections trumped KSE100 index, which dropped 1073 points on the opening bell.
Recovery ensued in the expectation of Vote of Confidence by Prime Minister, which brought the index from -1073 points to ~-350 points during the session.
Selling was observed across the board. By mid-day, prospects of redemption at Mutual Funds’ end brought the Index under pressure again, continuing till end of session that saw market taking a double dip to end -882 points. Among scrips, KEL led the table with 33.1 million shares, followed by GGL (28.6 million) and TRG (25.8 million).
Sectors contributing to the performance include Cement (-167 points), Banks (-142 points), E&P (-71 points), Fertilizer (-71 points) and Power (-60 points).
Volumes increased from 403.6 million shares to 441.3 million shares (+9 percent DoD). Average traded value on the contrary declined by 10 percent to reach US$ 135 million as against US$ 149.5 million.
Stocks that contributed significantly to the volumes include KEL, GGL, TRG, BYCO and WTL, which formed 29 percent of total volumes.
Stocks that contributed positively to the index include COLG (+22 points), GATI (+2 points), NESTLE (+1 points), INDU (+0 points) and FHAM (+0 points). Stocks that contributed negatively include LUCK (-67 points), TRG (-53 points), HBL (-35 points), HUBC (-34 points) and UBL (-31 points).
