PSX loses mammoth 1123 points on uncertain conditions

KARACHI: The Pakistan Stock Exchange (PSX) witnessed one of the worst trading days on Thursday as the benchmark KSE-100 index lost 1,123 to hit 38,785.

Around 287 traded scrips landed in the red, with K-Electric having lost over six per cent of its value and Worldcall Telecom, TRG, Japan Power and Bank of Punjab also losing over 5pc.

“The market opened lower and declined steadily, with sentiments mainly dented as cleric Tahirul Qadri hinted at a protest against the government over the Model Town incident issue while opposition parties PTI and PPP also pledged their support for the protest call,” reported Elixir Securities.

The turnover picked up to reach over Rs6.2 billion from Wednesday’s abysmal figures, with over 163 million shares traded.

The power generation and distribution sector was dominating trading with 26.6m shares traded, while technology and commercial banking sectors followed with 22.5m and 21.0m shares traded respectively.

Earlier, the stocks started day on bearish note and shed huge 351 points to drop to 39557 level in early trading. The bearish note further intensified at the stocks till midday as the benchmark 100-index lost massive 599 points to reach 39308 level.

Yesterday the 100-share index, after making a high of 117 points and a low of 120 points, eventually closed down 38 points at 39,907 points.

Key sectors contributing to activity in index included oil & gas sector, fertilizer and commercial banks. Top gainers of the day were OLPL (up 2.85%), NATF (2.79%) and PAKT (2.32%), while KAPCO (down 4.98%) and SNGP (4.72%) were amongst the major losers. In the E&P sector, POL (up 0.86%), PPL (0.89%) and OGDC (0.54%) closed positive.

Moreover, mixed sentiment was seen in the fertilizer sector where EFERT (up 1.56%) and ENGRO (up 0.44%) closed positive and FFBL (down 0.28%) closed negative, said analyst Danish Ladhani at JS Global.

Stocks that contributed to the growth of index included PPL that added 17 points, EFERT 13 points, POL 12 points, OGDC 11 points and PAKT that added 11 points to the index respectively. On the contrary, the stocks that contributed negatively to the index included SNGP that shed 28 points, KAPCO 27 points, UBL 19 points, HBL 14 points and SEARL that took away 10 points from the index respectively.

Market volumes are seen picking during past few sessions, where investor activity was seen at levels past 100m shares/day. Total volumes were observed at 149.6m shares as compared to 147m shares of the previous day (up 1.5% DoD). Average traded value, however, saw a decline of 36% DoD from USD 58.3m to USD 37.3m.

Stocks leading the volumes include WTL, JPGL, KEL, BOP and DFML that totaled 72m shares, reflecting 48% share of the total volumes.