Daily Stock Report: Panama Hearings Affect Market Proceedings

Pakistan Stock Exchange opened on a positive note. However throughout the day, the market was swinging like a pendulum over the Panama Papers’ case developments, ultimately closing in green with low volumes.

The stock market gained +185.77 points on Monday to close at 44,523.21.

Fears of political turmoil have driven consumers and investors to the sidelines. The growing anxiety was reflected in leaner activity in Pakistani markets last week. Speculators and individuals’ economic behavior tends to be more sensitive to a perception of impending crisis as compared to institutions and the corporate sector.

The index tested the day’s high at 44630.07 points. The day’s low of 43975.12 came towards market close. Overall the volumes were lower than last week’s closing. Only 75.28 million shares were traded, While in KSE 100 index only 33.98 million shares were traded with a total worth of nearly Rs 3.08 billion.

ENGINEERING was the top traded sector with total traded volume of 9,164,200 shares. It was followed by COMMERCIAL BANKS with a total traded volume of 7,739,900 shares and POWER GENERATION sector with a total traded volume of 7,516,800.

Shares of 356 companies were traded. At the end of the day, 174 Stocks closed higher, 165 declined while 17 remained unchanged.

K-Electric Ltd was the volume leader with 5.68 million shares, losing Rs 0.04 to close at Rs 6.61 It was followed by Engro Polymer with 4.58 million shares, gaining Rs 0.44 to close at Rs 33.97, Dewan Motors 4.28 million shares, gaining Rs 1.75 to close at Rs 37.86 and TRG Pak Ltd with 3.53 million shares, losing Rs 0.06 to close at Rs 36.00.

Top advancers of the market were:

Top decliners of the market were: