Friday, October 7, 2022

KSE-100 nosedives on panic selling


Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) sharply declined. Profit booking at the bourse turned into panic selling, courtesy of Banking sector.

Market opened 5pts plus and could gain a total of 37pts after which the selling pressure started building. O&GMCs, Cement and Fertilizer were the sectors that saw some uptick in the beginning however, selling pressure in Engineering (ISL) on the back of Tuesday’s disappointing result and Banks (due to proposal of setting up Treasury Single Account) caused havoc.

BOP saw lower circuit breaker and +50M shares by the end of session. Amongst other banking sector scrips, HBL also saw lower circuit that added pressure on the Index.

Overall, Banking sector realized 65M shares, followed by Vanaspati (UNITYR1) and Cement. Besides BOP, MLCF and FCCL ranked among top 10 scrips in traded volume.

The Index closed at 36,753pts as against 37,382pts showing a decline of 629pts (-1.7% DoD).

Sectors contributing to the performance include Banks (-245pts), Power (-58pts), O&GMCs (-46pts), E&P (-38pts) and Cement (-38pts).

Volumes bounced back from 140mn shares the other day to 173mn shares (+23% DoD). Average traded value also increased by 5% to US$ 34.8mn and from US$ 33.3mn.

Stocks that contributed significantly to the volumes include BOP, UNITYR1, MLCF, TRIBL and LOTCHEM, which formed 54% of total volumes.

Stocks that contributed positively include POL (+10pts), KTML (+4pts), NRL (+2pts), SCBPL (+2pts), and LOTCHEM (+2pts).

Stocks that contributed negatively include HBL (-97pts), HUBC (-38pts), NESTLE (-28pts), OGDC (-26pts) and BOP (-24pts).

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