Business News

Pakistan Stock Exchange

KSE-100 index plunges by 625 points amid selling

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Thursday witnessed decline of 625 points following aggressive selling during the day.

The index closed at 46,143 points as against previous day’s closing of 46,768 points showing a decline of 625 points.

Analysts at Arif Habib Limited said that the market saw aggressive selling today after spate of financial result announcements which had consistent earnings but declared lesser dividends than anticipated.

Banking sector saw major attrition today, however, profit booking was also observed in Cement, O&GMCs and E&P sectors.

Market on Close (MOC) saw intense selling in Banking sector. Important results announced today included ENGRO, PSO, MEBL but ended the session at a low ebb due to the general disappointment. Among scrips, DSL topped the volumes with 58.6 million shares, followed by TELE (34.3 million) and KEL (29.3 million).

Sectors contributing to the performance include Banks (-247 points), Cement (-83 points), Fertilizer (-74 points), E&P (-68 points) and O&GMCs (-55 points).

Volumes declined from 701.7 million shares to 578.0 million shares (-18 percent DoD). Average traded value also declined by 19 percent to reach US$ 146.0 million as against US$ 179.4 million.

Stocks that contributed significantly to the volumes include DSL, TELE, KEL, WTL and ANL, which formed 30 percent of total volumes.

Stocks that contributed positively to the index include ANL (+10 points), GHGL (+5 points), AICL (+4 points), THALL (+3 points) and KTML (+3 points). Stocks that contributed negatively include HBL (-91 points), ENGRO (-58 points), PSO (-52 points), LUCK (-44 points) and MCB (-41 points).