Daily Stock Report: Market Sheds Points Amid Political Tension

Pakistan Stock Exchange (PSX) looked bearish yet again on Tuesday as the benchmark KSE-100 Index shed 485.96  points (-1.05%), by the close of the trading session to reach 45,979.70 points duo to the political noise.

The market extended the losses suffered in the previous session and continued to fall throughout the day.

The market opened positive but couldn’t maintain the momentum as panic selling was seen with a low volume.  The KSE 100-share Index recorded an intra-day drop of 550 points after it recovered slightly.

As increased political noise weighs on the market sentiment the market is in pressure again as said by the analysts.

Tahir ul Qadri (Leader of  Awami Tehreek Party) has arrived in Lahore to demand justice for the Model Town incident and Former Prime Minister Nawaz Sharif has also announced a rally from Islamabad to Lahore via GT road tomorrow.

Overall, trading volumes were less than Monday’s and All share index plunged down to only 205 million shares compared to Monday’s tally of 241 million shares.

Shares of 371 companies were traded. At the end of the day, 80 stocks closed higher and 276 declined while 15 remained unchanged. In KSE 100, 84 million shares were traded with a net worth of  Rs 6.32 billion.

COMMERCIALS BANKS was the top traded sector with total traded volume of 44,354,800 shares. It was followed by TECHNOLOGY AND COMMUNICATION with a total traded volume of 20,870,500 shares and POWER GENERATION AND DISTRIBUTION sector with a total traded volume of 19,165,200.

Summit Bank was the volume leader with 27.21 million shares, losing Rs 0.65 to close at Rs 3.70. It was followed by K-Electric LTD with 17.61 million shares, losing Rs 0.39 to close at Rs 6.91, TRG PAK Ltd with 16.11 million shares, losing Rs 0.18 to close at 43.45 and Azgard Nine Ltd with 10.96 million shares, losing Rs 0.34 to close at Rs 14.92.

Top advancers of the market were:

Top decliners of the market were: