The Pakistan Stock Exchange saw another merciless bloodshed as the benchmark went down to 993 points in intra-day trading, going as low as 41025.28 during the day. The benchmark KSE-100 index lost -903.12 points, or 2.15 per cent, by the close of the trading session to reach 41115.78 points.
The market opened in green and went up to intraday high of just 25 points and quickly went down in the negative territory in the first half hour over the Political uncertainty. Coupled with lack of decision-making, has put investors at unease over the past few weeks.
The indictment of Finance Minister Ishaq Dar and the re-election of Nawaz Sharif as Pakistan Muslim League-Nawaz (PML-N) president has compounded worries that there is a political as well as an economic turmoil ahead for the country.
Over the political instability, investors were happy to sit out and watch the bears put on a show at the Pakistan Stock Exchange.
Market suggested that Nawaz Sharif’s comeback after President Mamnoon Hussain signed the controversial Election Act 2017 into law may have paved way for his political future which created political doubts in investors mind who were already in selling pressure.
A huge selling pressure was seen in the cement sector today as it was the main laggard today with most of the cement stocks were down to floor price today. Maple Leaf was down by (4.99%) with Fauji Cement, DG Khan Cement, Cherat Cement, LUCKY Cement, Pioneer Cement were almost down by 5%.
Almost 20+ companies hit their floor price today, down by (-5%).
After yesterday’s lackluster session, today All share index had a traded volume of just 121 million shares Overall, stocks of 365 companies were traded on the exchange, of which 56 gained in value, 296 declined and 13 remained unchanged. In KSE 100, 62 million shares were traded with a net worth of Rs5.7 billion.
Top traded sectors:
Maple Leaf the volume leader with a turnover of 9.56 million shares, losing Rs4.14 to close at Rs78.87. It was followed by TRG Pak Ltd with 6.83 million shares, losing Rs1.74 to close at Rs 35.31, K-Electric Ltd with 6.80 million shares, losing Rs0.06 to close at Rs6.86 and World Call Telecom 5.66 million shares, gaining Rs0.11 to close at Rs3.50.
Top Advancers of the market were:
Top losers of the market were:
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