Bears ran riot at Pakistan Stock Exchange (PSX) as equities witnessed a panic-struck selling spree during the early hours of trade on Tuesday amid a severe economic crisis.
The benchmark KSE-100 index appeared bearish from the opening bell and immediately dropped into the red zone with the benchmark KSE-100 index losing 1,100+ points after trading resumed on Tuesday.
The top index lost 1,120 points, or 2.75 percent, to plummet below 40,000 points to 39,849 at 2:08 PM.
Gaining 66.32 points initially, the benchmark KSE 100 index recorded an intraday high of 41,037.14. Shortly after, it plunged to a day’s low of 39,533.03 (losing 1,437.79 points), the lowest since 1st July 2021. The index settled lower by 1,138.37 points at 39,832.45. The KMI 30 index lost 2,066.93 points settling at 66,501.90. While the KSE All Share index went down by 640.98 points closing at 26,924.87.
The Assistant Vice President at JS Global, Waqas Ghani, told ProPakistani,
The market is under considerable pressure primarily owing to political uncertainty in the country and delay in talks with IMF amid worsening economic indicators. Economic and political tensions have impacted investor confidence to a great extent reflected in reduced market volumes in recent sessions. Selling by institutional investors due to fund redemptions has further added to the distressing situation.
The KSE 100 index initially opened on a negative note at 40,970 at 9:30 AM. During trading hours, investors opted to offload their positions in an environment of higher uncertainty. The index is under pressure ever since news broke of the dissolution of the Punjab and Khyber Pakhtunkhwa assemblies, as well as rising political tensions, which harmed investor confidence.
Overall market volumes appreciated from 142.30 million shares in the previous session to 263.08 million shares. The total traded value went up from Rs. 3.81 billion on Monday to Rs.6.51 billion.
Top contributors to the volume chart were Worldcall Telecom Limited (WTL -4.88 points), K-Electric Limited (KEL -6.91 percent), and Hascol Petroleum Limited (HASCOL -13.63 percent). The scrips had 33.59 million shares, 19.98 million shares, and 12.48 million shares traded, respectively.
According to Capital Stake, sectors painting the benchmark KSE 100 index in red included Technology and Communication sector (196.76 points), Banking Sector (104.79 points), and the Oil and Gas Exploration sector (100.32 points). Company-wise, TRG Pakistan Limited (TRG 100.14 points), Systems Limited (SYS 75.11 points), and Engro Corporation Limited (ENGRO 63.52 points), were top negative contributors.
The Technology and Communication sector lost 4.96 percent in its cumulative market capitalization. Systems Limited (SYS 3.32%), TRG Pakistan Limited (TRG 7.49 percent), Pakistan Telecommunication Company Limited (PTC 8.28 percent), and Avanceon Limited (AVN 4.03 percent), all closed in red.
Top Volumes
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| WTL | 1.17 | 1.23 | 1.13 | -.06 | 33,588,424 |
| KEL | 2.29 | 2.47 | 2.24 | -.17 | 19,975,000 |
| HASCOL | 5.26 | 6.1 | 5.13 | -.83 | 12,525,000 |
| CNERGY | 3.92 | 4.13 | 3.87 | -.17 | 10,022,828 |
| TELE | 6.41 | 7.26 | 6.31 | -.76 | 7,322,500 |
| SILK | 0.98 | 1.04 | .96 | -.06 | 6,902,500 |
| UNITY | 13.95 | 15.04 | 13.85 | -1.02 | 6,393,729 |
Overall, equity markets across the globe were trending downward. Crude oil prices rose, with WTI crude oil rising 0.97 percent to $76.11, while the price of Brent crude oil increased by 0.60 percent to $80.28.
Dont worry, last breaths of hybrid project and it will be over.
nayi hakomat anay se stock exchange mein behtari aii aur rupiya mustehkam hua