Stocks tumble over COVID lockdown concerns

Stocks tumble over COVID lockdown concerns

KARACHI: Pakistan Stock Exchange (PSX) tumbled on Wednesday over growing concerns related to COVID lockdown.

The market also fell on probe by regulator for unusual price movement in certain stocks.

The benchmark KSE-100 index closed at 47,318 points as against 47,687 points, showing a decline of 369 points.

Analysts at Arif Habib Limited said that the market tumbled in later part of the session today, which brought the index down by more than 400 points and closed the session -369 points.

Concerns over latest COVID lockdown and probe by the regulator on account of unusual price movement in certain stocks brought the market under selling pressure and became the major reasons for sentiment weakness.

Earlier part of the session saw institutional investors building positions in Cement and Steel sectors that caused the pertinent scrips to show healthy price uptick, however, later activity in the market brought the stock prices down.

Among scrips, WTL topped the volumes with 40.4 million shares, followed by BYCO (26.8 million) and TELE (13.2 million).

Sectors contributing to the performance include Technology (-90 points), Cement (-42 points), Refinery (-33 points), Banks (-31 points) and E&P (-30 points).

Volumes increased from 432.6 million shares to 365.8 million shares (-16 per cent DoD). Average traded value also dipped by 12 per cent to reach US$ 76.0 million as against US$ 85.9 million.

Stocks that contributed significantly to the volumes include WTL, BYCO, TELE, UNITY and KEL, which formed 29 per cent of total volumes.

Stocks that contributed positively to the index include KTML (+24 points), MEBL (+14 points), COLG (+14 points), PAKT (+4 points) and DAWH (+4 points). Stocks that contributed negatively include TRG (-73 points), UNITY (-25 points), NRL (-17 points), HUBC (-16 points) and LUCK (-16 points).

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