Pakistan equities witnessed a panic-struck selling spree in the early hours of trade on Monday over political uncertainty after key by-elections in Punjab.
Bears took control of Pakistan’s stock market after PTI thrashed PML-N on Sunday, gaining at least 15 of the 20 seats vacated by the disqualification of PTI members who voted for Hamza Shehbaz as Chief Minister of Punjab.
The benchmark KSE-100 Index appeared bearish from the opening bell and immediately dropped into the red zone after shedding over 700 points during the first few hours of intraday trade, with banking, cement, and fertilizer the top negative contributors on the bourse at the time. The KSE-100 index initially opened on a negative note. By 1:40 PM, the top bourse stood at 41,334 points, down by 740 points or 1.76 percent.
During the day, it fell to 41,275 points after losing 799.83 points and by close, settled at 41.367.11 points. The KMI 30 index was down by 1,270.57 points closing at 68,404.35. While the KSE All Share index declined by 404.78 points settling at 28,491.62.
The Assistant Vice President at JS Global, Muhammad Waqas Ghani, told ProPakistani,
The ongoing political uncertainty after PTI ‘s clean sweep in the by-elections has caused both the Equities and FX markets to slump. Announcement of early elections or expansionary fiscal measures by the incumbent government would trigger uncertainty regarding the crucial IMF program as well under which we are expecting an inflow in 3 weeks’ time.
Market experts are of the view that the political uncertainty taking roots once again may potentially impact the International Monetary Fund’s (IMF) bailout program.
Meanwhile, the dollar resumed its continuous rise against the rupee today, gaining Rs. 4.3 in interbank trade. Since April 11, the greenback has gained Rs. 32.3 versus the PKR.
Overall market volumes appreciated from 139.46 million shares in the last session to 151.20 million shares. Worldcall Telecom (WTL -4.90 percent), K-Electric Limited (KEL -0.97 percent), and TPL Properties Limited (TPLP -4.16 percent) led the volume chart. The scrips had 12.73 million shares, 10.31 million shares, and 8.30 million shares traded, respectively.
Top Volumes
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| WTL | 1.36 | 1.45 | 1.35 | -.07 | 12,730,500 |
| KEL | 3.05 | 3.07 | 2.96 | -.03 | 10,311,000 |
| TPLP | 19.36 | 20 | 19.02 | -.84 | 8,299,678 |
| PRL | 16.58 | 17.04 | 16.25 | -.78 | 8,161,599 |
| CLVLR | 2.72 | 2.72 | 2 | 1 | 7,873,500 |
| CNERGY | 5.18 | 5.3 | 5.14 | -.13 | 6,152,362 |
| UNITY | 19.68 | 19.84 | 19.54 | -.51 | 5,946,085 |
Sectors driving the benchmark KSE 100 index lower included the Banking sector (127.62 points), the Cement sector (106.64 points), and the Fertilizer sector (106.17 points). Company-wise, Fauji Fertilizer Company Limited (FFC 45.06 points), Lucky Cement Limited (LUCK 43.17 points), and Hub Power Company Limited (HUBC 43.08 points) were the top negative contributors.
The Refinery sector lost 3.87 percent in its cumulative market capitalization. Attock Refinery Limited (ATRL 4.52 percent), Pakistan Refinery Limited (PRL 4.49 percent), National Refinery Limited (NRL 5.08 percent), and Cynergyico PK Limited (CNERGY 2.45 percent) all closed in the red.
According to Capital Stake, equity markets around the globe on the other end showed a positive trend. Crude oil prices moved north with WTI crude oil price rising by 1.87 percent to $96.34 while Brent crude oil price was up by 2.02 percent to $103.20
