The benchmark KSE-100 index of the Pakistan Stock Exchange took another battering of massive 1292 points in the first two hours on Friday.
KSE-100 index fell by -225 points, or 0.46 pc by the close of Friday’s trading session to reach 48555.30. The Market recorded its Seventh successive finish in the red – as stocks slated for inclusion in the MSCI Pakistan Index underwent massive selling pressure whereas profit taking was seen in the last day of the week.
In the last 4 days of trading, KSE100 went down by 3,856 points to 48,781, where the total market capitalization of the PSX nosedived by a US$ 6.22 billion or 7.3%, to US$ 93 billion. In PKR terms, the loss has been more than PKR 653 billion.
The market remained volatile throughout the whole trading session as it showed some recovery after going down to the intraday low of -1292 points and went up for more than +100 points, but closed in red.
According to Bloomberg, Pakistan MSCI Dream Becomes Dull Reality as Stock Losses Deepen.
The KSE100 Index posted the steepest fall in almost two years after foreigners sold a net $82 million of shares on the eve of the nation’s re-entry into MSCI Inc.’s emerging-markets index and concerns about the economy resurfaced. The outflow, the biggest since July 2013, dashed hopes that the market would attract large amounts of money after its promotion.
“Local investors had positioned with expectation” of inflows, said Ovais Ahsan, regional sales trader at Renaissance Capital in Dubai. “Everyone in general was expecting $200 million to $500 million of net inflows.”
Overall, volumes plunged down to 221 million shares were traded, While in KSE 100 index 105 million shares changed hands with a total worth of nearly Rs13.26 billion.
COMMERCIAL BANKS was the top traded sector with total traded volume of 41,199,200 shares. It was followed by CEMENT with a total traded volume of 30,530,750 shares and ENGINEERING sector with a total traded volume of 20,786,500.
Shares of 355 companies were traded. At the end of the day, 154 stocks closed higher, 189 declined while 12 remained unchanged.
Power Cement (R) was the volume leader with 16.28 million shares, gaining Rs 0.04 to close at Rs 2.09 It was followed by Bank of Punjab (R) with 12.51 million shares, gaining Rs 0.14 to close at Rs 1.29, K-Electric with 12.08 million shares, gaining Rs 0.31 to close at Rs 7.25 and TRG PAK Ltd with 10.43 million shares, losing Rs 0.35 to close at Rs 50.17.
The top advancers of the market were:
Top decliners of the market were: