KSE-100 nosedives 596 points, fears of DR hike and currency devaluation

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The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) had a major draw down of 781pts that was caused by across the board selling.

Market started on a positive note with 35pts but the selling pressure that was witnessed in the past couple of sessions started reflecting soon.

Power, E&P, Cement, Steel, Banks and Chemical sectors contributed mainly to the volumes and also to decline.

KEL declined significantly in the early session but started recovering by day end. Overall, KEL registered a volume of 16.7M shares followed by SNGP (5.7M) and MLCF (5.2M).

Investors seem to have concerned about the repercussions of IMF conditionalities, as well as a host of issues from rising interest rates to an impending tough budget.

The Index closed at 35,035pts as against 35,631pts showing a decline of 596pts (-1.7% DoD).

Sectors contributing to the performance include Fertilizer (-133pts), E&P (-105pts), Banks (-55pts), O&GMCs (-51pts), Power (-41pts).

Volumes increased significantly from 65.4mn shares to 113.2mn shares (+73% DoD). Average traded value also increased by 67% to reach US$ 32.3mn as against US$ 19.4mn.

Stocks that contributed significantly to the volumes include KEL, SNGP, MMLCF, PIBTL and WTL, which formed 32% of total volumes.

Stocks that contributed positively include COLG (+13pts), UBL (+10pts), BAFL (+3pts) SHEL (+3pts) and ARPL (+2pts).

Stocks that contributed negatively include MCB (-51pts), ENGRO (-36pts), FFC (-34pts), PPL (-32pts) and MARI (-28pts).