Daily Stock Report: Market Registers Another Fall of Over 700 Points

The Pakistan Stock Exchange continued its ride in the red over huge selling pressure, ending with a fall of 707 points or 1.75% as political uncertainty and macro indicators dampened the investor’s sentiment for today as well.

The benchmark index broke the psychological barrier of 40,000 points as it closed at 39,617 level.

The index had dropped to a low of 39,557 towards the end of the session, before recovering slightly. Its opening level remained the day’s high as the political pressure changed the scenario. The benchmark was on a downward trajectory, shedding over 767 points in intra-day trading, with selling in index-heavy names contributing most to the losses.

The market’s bearish trend continued throughout the day as the political scenario kept the investors on edge and worried.

KSE 100 has lost 24% from its peak level of more than 52,000 points. Lack of investors along with foreign selling resulted in sharp decline in the market.

All shares index had a traded volume of 139 million shares overall. Stocks of 346 companies were traded on the exchange, of which 81 gained in value, 251 declined and 14 remained unchanged. In KSE 100, 93 million shares were traded with a net worth of just Rs. 8.33 billion.

Top traded sectors:

Pak Elektron was the volume leader with 13.31 million shares losing Rs. 1.57 to close at Rs. 58.99.

It was followed by K-Electric Ltd with a turnover of 10.13 million shares, losing Rs. 0.16 to close at Rs. 5.54,

TRG Pak Ltd with 10.10 million shares, losing Rs. 1.70 to close at Rs. 32.35 and Sui North Gas 9.03 million shares, losing Rs. 5.44 to close at Rs. 114.56.

Top Advancers of the market were:

Top Decliners of the market were: