The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) declined by 507 points or (-1.33%) on Thursday closed at 37,516 on AML issue.
Market took a nose-dive today with 100 index touching a low of 610pts and closed heavy red. Selling was seen across the board amidst rumours of resignation of key government official and change of parliamentary form of government to Presidential format.
Initial start saw some positivity, however, selling pressure built throughout the day and stocks like Autos which performed well on the news of revocation of 10% FED on 1700cc and above vehicles couldn’t face the tide and eventually saw erosion of price gains made earlier.
UNITY rights (37.5M) again contributed significantly to the traded volume 128M, which was followed by Banks and Technology stocks.
The Index closed at 37,516pts as against 38,023pts showing a decline of 507pts (-1.3% DoD). Sectors contributing to the performance include Banks (-92pts), E&P (-72pts), Power (-66pts), Cement (-50pts), O&GMCs (-35pts).
Analysts at Arif Habib Limited said that the volumes declined from 153.3mn shares to 128.0mn shares (-17% DoD). Average traded value also declined by 9% to reach US$ 23.8mn as against US$ 26.3mn.
Stocks that contributed significantly to the volumes include UNITYR1, WTL, KEL, BOP and MLCF, which formed 56% of total volumes.
Stocks that contributed positively include MCB (+20pts), FFBL (+9pts), MEBL (+7pts), SRVI (+3pts), and APL (+3pts).
Stocks that contributed negatively include HUBC (-53pts), UBL (-38pts), PPL (-25pts), HBL (-22pts) and ENGRO (-22pts).