Daily Stock Report: KSE-100 Drops Over 500 Points

The Pakistan Stock Exchange took a huge dip as the benchmark KSE-100 index lost -506.68 points, or -1.05%, by the close of the trading session to reach 47950.58 points.

Market’s participation ticked-down from yesterday’s gains with volume increasing with commercial banks, chemical and engineering sector attracted investor interest.

The KSE-100 opened positive and continued to gain until the first hour, before all intra-day gains were wiped off as uncertainty over the Panama case verdict kept investors at bay.

Shares of 378 companies were traded. At the end of the day, 97 stocks closed higher, 261 declined while 20 remained unchanged.

Aisha Steel Mills Ltd was the volume leader with 20.01million shares, losing Rs0.94 to close at Rs24.40. It was followed by Lotte Chemical with 17.12 million shares, gaining Rs0.29 to close at Rs11.16, Sui Southern Gas Company Ltd with 14.21 million shares, gaining Rs1.65 to close at Rs41.06 and TRG Pak Ltd with 14.10 million shares, losing Rs2.08 to close at Rs50.86.

Major gainers of the market were:

Major losers of the market were:

The market remained volatile as investors employed a cautious approach in response to rumors that the Panama Case verdict could come anytime next week.

U.S. West Texas Intermediate (WTI) crude futures were up 0.09 cents, or 0.10 percent, at $53.21 a barrel.