Daily Stock Report: Market Continues Its Downward Spiral with -398 Points

The Pakistan Stock Exchange (PSX) on Tuesday closed on a lower note, with the benchmark KSE-100 index losing 398.04 points down to 39000 points level at 39634.13 points.

The market went down and broke the psychological barrier of 40000 level points over the political uncertainty. The main factor was the Supreme Court today, which took up the appeal filed by National Accountability Bureau (NAB) against the Lahore High Court’s order to quash Rs. 1.2 billion Hudabiya Papers Mills reference against the Sharif family.

Immense selling pressure was seen on the ongoing political instability. The index saw huge selling in the last few hours of the trading. The index opened in the green zone and went up to the intraday high of 92 points and saw a loss of -468 points during the intraday.

Investors opted to stay sidelined and wait for clarity due to the prevailing political situation.

Pakistan equities extended losses into the second day of the week with the benchmark index finding foothold above the critical 39,000 level.

Oil prices fell on Tuesday as well, on the uncertainty over the outcome of a key OPEC meeting this week due to decide on production policy for the next year.

Brent crude oil LCOc1 was down 50 cents a barrel at $63.34 a barrel by 1000 GMT. U.S. light crude CLc1 was 50 cents lower at $57.61, after falling 1.4 percent in the last session.

The production was cut by 1.8 million barrels per day (bpd) in January and agreed to hold down output until March. The market had expected OPEC to extend the limits by another six to nine months, but this is now less certain.

The exploration and production sector closed in the red where Pakistan Oil Fields was down by Rs 10.15 or 1.66%, PPL down by 2.49%, OGDC 1.91% and PSO down by 2.68%.

Major gainers of the market were ENGRO 24.30 points, PAKT 21.30 points and UBL 13.80 points.

Major laggers of the market were PPL -47.86 points, OGDC -39.56 points, LUCK -32.31 points, PSO -25.51 points and -POL 22.63 points

All shares index had a traded volume of 113 million shares today. Overall, stocks of 352 companies were traded on the exchange, of which 98 gained in value, 233 declined and 21 remained unchanged. In KSE 100, 68.93 million shares were traded with a net worth of just Rs.  4.47 billion.

Top traded sectors:

K-Electric Ltd was the volume 27.88 million shares, losing Rs. 0.11 to close at Rs. 6.13. It was followed by TRG Pak Ltd with 9.20 million shares, losing Rs. 1.69 to close at Rs. 36.12, Dewan Motors with 6.52 million shares, losing Rs. 0.73 to close at Rs. 25.48 and Engro Corp with 4.87 million shares losing Rs. 4.10 to close at Rs. 257.63.

Top Advancers of the market were:

Top Decliners of the market were: