Daily Stock Report: Market in Free Fall After Details of JIT Report Emerge

Pakistan Stock Exchange had a sudden fallout following Monday’s final report by the Panama case Joint Investigation Team against Prime Minister Nawaz Sharif and his family.

The KSE 100-share Index dropped by 4.65 percent (2153.23 points) to close at 44,120.58 points.

It is the biggest daily decline in KSE 100 over the past 10 years. Stocks got an emphatic hammering today as the KSE 100 index plunged over 2150 points in intra-day trading over the political uncertainty.

It was a one-way street, as the market started at 46,273.81, which remained the day’s high.

Market Witnesses Greatest Drop in The Past 10 Years

On the day of the JIT final report submission, the KSE 100-share Index gained 2.3 percent (1,051.66 points) to close at 46,273.81 points as the market participants were relieved by news that the apex court had not taken any hasty action and has adjourned the court proceeding till next week.

The market talk suggested that the investors are uncomfortable with the evidence by the JIT to the top court against Prime Minister Nawaz Sharif and his family.

During the day, almost 140+ index names, as well as mid-tier shares, hit the lower lock of 5 per cent as the stock market came under immense selling pressure.

The index tested the day’s high at 46,273.81 points. The day’s low of 44117.17 came towards market close. Overall the volumes were lower than yesterday, 185 million shares were traded. While in KSE 100 index, 104 million shares changed hands with a total worth of nearly Rs 8.24 billion.

COMMERCIAL BANKS was the top traded sector with total traded volume of 31,547,300 shares. It was followed by POWER GENERATION with a total traded volume of 21,845,700 shares and ENGINEERING sector with a total traded volume of 20,904,900.

Shares of 368 companies were traded. At the end of the day, 24 Stocks closed higher, 334 declined while 10 remained unchanged.

K-Electric Ltd was the volume leader with 17.40 million shares, losing Rs 0.39 to close at 6.44. It was followed by TRG Pak Ltd with 9.68 million shares, losing Rs 1.88 to close at Rs 35.82, Aisha Steel Mills  with 9.30 million shares, losing Rs 1.02 to close at Rs 19.49 and Bank of Punjab with 9.15 million shares, gaining Rs 1.00 to close at Rs 11.10.

Top advancers of the market were:
Top decliners of the market were:

  • Keep waiting. Once this drops further and then Rupee starts slide to eventual value of $1 = Rs 130, then it will be a great time to start investing.

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