Stocks underwent a battering on the Pakistan Stock Exchange for the second consecutive day on Tuesday following a week-long spell of bull-run.
The benchmark KSE 100 index closed 535.44 points down to settle at 40958 points level. Investors preferred heavy selling on the second day on the post-earnings season.
The market opened flat but soon plunged into the red zone. The index lost 139 points before sailing into the green territory. Except for this short span, the market traded the whole day in the red.
At one point during the trading, the market shed over 700 points to dip below 40700 points level. The market also failed to maintain the psychological barrier of 41000 points’ level and fell below it.
On Tuesday some 142,334,100 shares changed hands at the stock.
Commenting on Tuesday’s trading on the market, senior analyst and chief executive officer (CEO) of Arif Habib Corp Ahsan Mehnati said that bearish trend continued in the post-earnings season amid pressure in scrips across the board. He said investors are waiting for the government’s announcements regarding the much-talked financial assistance from China reportedly committed during the Prime Minister’s visit to China.
He added concerns for global equities selloff and slump in global crude oil prices amid uncertainty on Iran sanctions and outcome of terms of likely IMF bailout package played a catalyst role in bearish close at PSX.
Trading held in the shares of 353 companies out of which share prices of 85 companies increased while share prices of 260 companies decreased. The share prices of eight companies remained unchanged.
Nestle Pakistan was the biggest gainer in term of per share gain followed by Hinopak Motor. The share price of Nestle Pakistan increased by Rs175 per share to close at Rs9600 while the share price of Hinopak Motor surged by Rs 36.11 per share to close at Rs766.11.
Colagte Palm was the biggest loser in term of per share loss followed by Wyeth Pak Ltd. The share price of Colgate Palm decreased by Rs 99.99 per share to close at Rs2400.01.