The PSX witnessed a bloodbath as it landed deep in red, with the benchmark index shedding -1122.66 points or -2.81% to close at 38,784.66 points. The market fell down and broke the psychological barrier of 39000.
Rising political noise was enough for the market to see the bearish run. PSX has dropped to a new low which is the lowest since 2016’s summer.
Around 2-3pm on Thursday, the benchmark index was less than 38,770 points after a fall of more than 1,100 points.
Stocks fell across the board after witnessing a huge selling pressure as reports came through of planned protests, which have an unfortunate history of eventually turning violent, against the current elected government.
The country has been facing an uncertain political situation since the release of the Model Town incident report, which casts the ruling party in a negative light over its role in the 2014 incident, which resulted in the killing of 14 Pakistan Awami Tehreek workers.
Additionally, Donald Trump has defied overwhelming global opposition by recognizing Jerusalem as the capital of Israel that stoked fear of further political turbulence in the Middle East as well as a likely backlash from the global Muslim world.
The market opened in red and made an intra-day low of -1138 points. Such developments created fear among the investors which created a lot of selling pressure today.
About 45+ companies hit their downside lock today in which again Sui Northern was closed at Rs 91.62 downside lock (5.00%) and SSGC as well which came into pressure as the investors remained wary of the regulator’s plan of revising the tariff downwards.
Major laggards of the market were HBL -94.46 points, UBL -82.37 points, ENGRO -52.92 points, OGDC – 46.47 points and PSO -46.33 points
All shares index had a traded volume of 163.26 million shares today. Overall, stocks of 354 companies were traded on the exchange, of which 49 gained in value, 288 declined and 17 remained unchanged. In KSE 100, 71.10 million shares were traded with a net worth of just Rs. 4.78 billion.
Top Traded Sectors:
K-electric Ltd was the volume 13.72 million shares, losing Rs 0.41 to close at Rs. 6.23. It was followed by World Call Telecom with 12.87 million shares, losing Rs. 0.19 to close at Rs. 3.00, Dewan Cement with 9.78 million shares, gaining Rs 0.92 to close at Rs. 15.07 and Bank of Punjab with 9.78 million shares losing Rs. 0.63 to close at Rs 7.61.
Top Advancers of the market were: