The benchmark KSE-100 index of the Pakistan Stock Exchange saw a decline of 800 points on Wednesday.
KSE-100 index fell by -861.59 points, or 1.67 pc by the close of Wednesday’s trading session to reach 50591.57 points ahead of inclusion into the Emerging market tomorrow. The benchmark index witnessed a third consecutive bearish session of the week after closing in negative.
Panic selling was seen at the Pakistan Stock Exchange (PSX) on post-budget profit taking
By intraday, the Pakistan Stock Exchange was down -1239 points after negative budget proposals for capital gain tax, tax on dividends, super tax and tax on retained earnings.
Concerns for unexpected foreign outflows ahead of the MSCI Emerging Markets upgrade.
Volumes were better than yesterday as it was expected said the experts. Overall, volumes surged to 410 million shares, While in KSE 100 index volumes surged to over 274 million shares with a total worth of nearly Rs50.27 billion. Trading was led by commercial banking stocks owing to the market’s harsh reaction to its first day of exposure to the MSCI Emerging Markets index.
COMMERCIAL BANKS was the top traded sector with total traded volume of 94,133,300 shares. It was followed by CEMENT with a total traded volume of 62,054,400 shares and FERTILZER sector with a total traded volume of 46,802,500.
Shares of 378 companies were traded. At the end of the day, 113 stocks closed higher, 241 declined while 24 remained unchanged.
OGDC was the volume leader with 26.98 million shares, losing Rs 8.05 to close at Rs 176.83 It was followed by Engro Corp with 23.41 million shares, losing Rs 17.51 to close at Rs 372.08, K-Electric Ltd with 21.46 million shares, losing Rs 0.38 to close at Rs 7.32 and United Bank Ltd with 21.09 million shares, losing Rs 11.88 to close at Rs 237.60.
The top advancers of the market were:
The top decliners of the market were: