Daily Stock Report: Massive Selling Witnessed as Index Drops to 44,914

The descent of the Pakistan Stock Exchange continued on Tuesday with the benchmark KSE 100-index shedding 1,600 points. The political uncertainty prevailing in the country with regards to the work of the Panama case Joint Investigation Team (JIT) probing the Sharif family’s assets has had a negative impact on the stock market.

KSE-100 index fell by 1678.90 points, or 3.60 pc by the close of Tuesday’s trading session to reach 44914.44.

Good times continued to roll for the PSX well into 2017. On May 25, the benchmark KSE-100 index hit an intra-day all-time high at 53,124 points But since then the market has lost almost more than 8000 points.

The market has gone down a cumulative 15% in the past month. Earlier on June 12, the market dipped 1,800 points as news hit of the prime minister’s summoning by the JIT.  Whereas panic was seen among the local investors today after the losses they had seen last week. Their main priority was profit taking today. It seems to be there are very few buyers in the mutual funds as said by the market experts. Local funds have turned sellers now as well.

The index tested the day’s high at 46777.33 points. The day’s low of 44823.56 came towards market close.

Overall, 294 million shares were traded, While in KSE 100 index 135 million shares changed hands with a total worth of nearly Rs10.36 billion.

COMMERCIAL BANKS was the top traded sector with total traded volume of 100,663,600 shares. It was followed by POWER GENERATION with a total traded volume of 30,355,900 shares and TECHNOLOGY sector with a total traded volume of 22,758,000.

Shares of 391 companies were traded. At the end of the day, 32 Stocks closed higher, 340 declined while 19 remained unchanged.

Top stocks which drove the market negative were HBL, OGDC, MCB, ENGRO and LUCK.

Bank of Punjab (R) was the volume leader with 47.73 million shares, losing Rs 0.09 to close at Rs 0.05 It was followed by K-Electric Ltd with 25.06 million shares, gaining Rs 0.03 to close at Rs 6.95, Askari Bank Ltd 13.90 million shares, losing Rs 0.94 to close at Rs 18.56 and BYCO Petroleum with 9.95 million shares, gaining Rs 0.18 to close at Rs 20.38.

The top advancers of the market were:

Top decliners of the market were: