Daily Stock Report: Market Still Jittery with 328 Points Loss

After falling over 1,000 points early Wednesday, the Pakistan Stock Exchange bounced back later in the day, with the KSE 100-index settling at 43792.19 points. When the index dropped by over 1,000 points in the morning, it was feared that Wednesday’s performance would mirror the day before, when the index plunged over 2,100 points. The benchmark index made a recovery and closed at -328.19 points today.

On Tuesday he KSE 100-share Index of Pakistan Stock Exchange (PSX) dropped 4.65 percent or 2153.23 points to close at 44,120.58 points. It was the biggest daily decline in KSE 100 over the past 10 years. Pakistan’s stock index has dropped by 10,000 points to 53,100 since its peak in May. The market has lost almost Rs 600 billion of capitalization in the last two days.

Analysts blamed the uncertainty surrounding the Prime Minister’s future in light of the Panama case Joint Investigation Team’s (JIT) report submitted to the Supreme Court on Monday.

The index tested the day’s high at 44205.77 points. The day’s low of 43027.15 came towards market close. Overall the volumes were greater than yesterday, 215 million shares were traded. While in KSE 100 index 126 million shares changed hands with a total worth of nearly Rs 10.50 billion.

COMMERCIAL BANKS was the top traded sector with total traded volume of 29,977,500 shares. It was followed by POWER GENERATION with a total traded volume of 24,292,400 shares and CEMENT sector with a total traded volume of 22,562,700.

Shares of 345 companies were traded. At the end of the day, 140 Stocks closed higher, 192 declined while 13 remained unchanged.

K-Electric Ltd was the volume leader with 19.92 million shares, gaining Rs 0.32 to close at 6.76. It was followed by  TRG Pak Ltd with 14.76 million shares, gaining Rs 0.76 to close at Rs 36.13, Engro Polymer  8.48 million shares, losing Rs 0.92 to close at Rs 33.82 and Sui Northern with 8.31 million shares, losing Rs 6.70 to close at Rs 135.11

Top advancers of the market were:

Top decliners of the market were: