KSE-100 nosedives on cross border intrusion, 287 scrips touched lower circuits

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The benchmark KSE-100 of Pakistan Stock Exchange declined 785 points or (-1,98%) closed at 38,726 on Tuesday on Indian aggression at the border.

Indian aggression on Pakistani soil caused mayhem at PSX, where the index opened 184pts down and ended the session at 880pts down.

All in all, 287 scrips were seen in decline, whereas 48 advanced. At a point in time, the market went down to 680pts and recovered to 370pts down, which was contributed generally by index heavy weights, especially HBL and UBL.

However, last half hour of trading coincided with the press conference of Ministers that caused significantly higher number of scrips touching lower circuits.

The Index closed at 38,726pts as against 39,607pts showing a decline of 880pts (-2.2% DoD).

Analysts at Arif Habib Limited said that the sectors contributing to performance include Banks (-211pts), E&P (-148pts), Fertilizer (-106pts), Cement (-92pts), O&GMCs (-60pts).

Volumes increased from 68mn shares to 162mn shares (+137% DoD). Average traded value also increased by 89% to reach US$ 50mn as against US$ 26mn.

Stocks that contributed significantly to the volumes include BOP, KEL, EPCL, PIBTL and MLCF, which formed 32% of total volumes.

Stocks that contributed positively include PAKT (+30pts), AGIL (+5pts), ARPL (+4pts), ATLH (+3pts), and EPCL (+1pts).

Stocks that contributed negatively include OGDC (-57pts), PPL (-47pts), LUCK (-40pts), UBL (-38pts) and BAHL (-37pts).