The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) opened on a positive note with +24pts, but hit a ceiling of +69pts followed by heavy selling throughout the session.
Cement sector caused the concern among investors due to requirement introduced in the Budget for presenting CNIC to buy cement as well as the protest from Cement dealers highlighting the risks of low sales by Cement manufacturers.
Brokers were reluctant to invest in the scrips during the first trading day, major decline witnessed in Oil $ gas and cement sectors.
Non-activation of State Enterprise Fund, also added to the misery of investors. Across the board selling was observed and positive news flow on Qatar’s potential investment in Pakistan to the tune of US$ 3B also failed to stem the flow of selling.
The KSE-100 Index closed at 34,472pts as against 35,125pts showing a decrease of 653pts (-1.9% DoD).
Sectors contributing to the performance include E&P (-127pts), Cement (-106pts), Fertilizer (-102pts), Banks (-91pts), OGMCs (-56pts).
Volumes declined from 129.3mn shares to 78.7mn shares (-39% DoD). Average traded value also declined by 31% DoD to reach US$ 18.4mn as against US$ 26.9mn.
Stocks that contributed significantly to the volumes include KEL, TRG, FCCL, MLCF and UNITY, which formed 29% of total volumes.
Stocks that contributed negatively include LUCK (-56pts), PPL (-40pts), POL (-34pts), OGDC (-34pts) and ENGRO (-33pts).
Stocks that contributed positively include PMPK (+11pts), BAHL (+7pts), NESTLE (+7pts), PKGS (+3pts) and NATF (+3pts).