Stocks slide 390 points on volatile exchange rate

KARACHI: Pakistan stocks have declined by 390 points on Wednesday owing to volatile exchange rate.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,943 points from previous day’s close of 46,333 points, showing a decline of 390 points.

Analysts at Arif Habib Limited said that profit taking continued at PSX today, KSE-100 index opened positive but could not sustain in green zone as profit taking dragged the index down to red zone due to weakening of Pak rupee against US Dollar, the session remained dull whereas hefty volumes were observed in 3^rd tier stocks.

Meanwhile, the analyst at Topline Securities said that Pakistan equities continued its downwards trend where benchmark KSE-100 Index settled at 45,943 level (down 0.84 per cent). “After a slight positive opening, market continued to slid where market make an intraday low of 390 points.”

Sectors contributing to the performance include Banks (-98.3 points), Cement (-87.5 points), E&P (-67.22 points), Fertilizer (-45.6 points) and Power (-20.7 points)

Volumes increased from 228.6 million shares to 235.0 million shares (+2.8 per cent DoD). Average traded value decreased by 9.4 per cent to reach US$ 43.1 million as against US$ 47.5 million.

Stocks that contributed significantly to the volumes are CNERGY, TPLP, GGL, MLCF and TELE.