Another bloodbath was seen at Pakistan Stock Exchange (PSX) on Friday as the geopolitical tensions between Pakistan and India intensified, which was a major fear for the investors. The market went down below 29000 points.
The benchmark index, KSE-100 has hit a fresh low in intra-day trade – 28691.79 points, almost down by 738 points.
Right after Eid ul Adha, Pakistan Stock Exchange (PSX) went down to another historic low since September 2014, as global markets tumbled in the ongoing week amid fears of a recession.
The rise in tensions between Pak-India also dented the investors’ confidence with overall sentiments not improving at the moment. Panic selling was seen over the geopolitical tensions which continued to weigh on the stock market. The market has extended losses for the 6th consecutive week.
It was closed at 28,764 points, down by 664.44 or -2.26%. This level was last witnessed in 2014-15, almost five years ago. The market touched a historic high of 52,876.46 points. and now it’s down by almost 45%.
53.42 million shares were traded at KSE-100 index during the day. Overall, stocks of 310 companies were traded on the exchange, of which 81 gained in value, 212 declined and 17 remained unchanged,
The oil and gas sector recorded hefty declines, which led to an overall decline in the market. The oil and gas exploration companies (-186.43 points) saw the biggest fall on the index, with Pakistan Petroleum Limited (PPL -5.00%) pulling it down by 68.21 points, Oil & Gas Development Company Limited (OGDC -4.44%) fell by 69.57 points and Oilfields Limited (POL -4.37%) by 44.87 points with the fertilizer sector taking away 163.55 points from the index.
Oil & Gas Exploration Companies sector topped the index in trading with the highest volume at 10.3 million shares.
Foreign institutional investors were net buyers of $1.70 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Top Active Stocks
Top Traded Sectors
|Oil & Gas Exploration Companies||10,345,780|
|Power Generation & Distribution||5,608,500|
|Oil & Gas Marketing Companies||4,334,400|
|Technology & Communication||3,302,500|
|Inv. Banks / Inv. Cos. / Securities Cos.||1,420,000|