Pakistan stocks shed 468 points as banking shares fall

Pakistan stocks shed 468 points as banking shares fall

KARACHI: Pakistan stocks on Wednesday lost 468 points due to major selling seen in banking scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,298 points from previous day’s closing of 41,766 points, showing a decline of 468 points.

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Analysts at Topline Securities Research said Pakistan equities witnessed a negative day today.

Initially, market opened on a positive note today where the KSE100 index made an intraday high at 41,814. But rumors regarding possible restriction on dividend payment of those banks which want to reclassify their PIB profile triggered selling spree in the banking sector stocks which compelled the benchmark index to see an intraday low at 41,119 (-646 points; down 1.57 per cent).

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However, some value hunting at the aforesaid low index level rescued the KSE100 index and assisted it to eventually settled at 41,298 (-468 points; down 1.12 per cent) for the day.

Banks, Tech and E&P sector stocks contributed negatively to the index where HBL, MCB, SYS, BAHL & MARI lost 269 points, cumulatively.

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On the flip side, COLG, EFERT and SNGP have witnessed some buying interest as they added 22 points collectively, today.

Around 142 million shares traded today at the bourse while total value clocked in at Rs5.3 billion. KEL led the volumes chart today with trading of 14.3 million shares in it, today.

READ MORE: Pakistan stocks crash on super tax imposition

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