Daily Stocks Report: Index Drops by 390 Points Amid Important Court Hearings
Posted by JEHANGIR NASIR
The Pakistan Stock Exchange opened in green but quickly went in the red territory amid low activity as investors will keenly follow developments of the domestic political arena besides accountability court hearings of Nawaz Sharif and Finance Minister Ishaq Dar.
The benchmark KSE-100 index lost -390.37 points, or 0.92 per cent, by the close of the trading session to reach 42,018.90 points with dull trading activity.
The market opened in green and went up to intraday high of just 32 points and quickly went down in the negative territory over the political uncertainty in the first hour of trading.
The intraday low for today was -465 points. The market saw a dull bearish session during the whole day over the political uncertainty as most of the investors remained on the sidelines.
The experts showed their major concerns of potential delays/slippages in remedial measures to address growing external account weakness due to current political environment and change in guard in the economic management team as major alarming factors.
SBP announced its monetary policy and decided on keeping the policy rate stable for the next two months, largely in-line with market expectations. Furthermore, total foreign exchange reserves of the country dipped by $48 million during the week to $20 billion.
Volumes remained low as All share index had a traded volume of just 88.8 million shares Overall, stocks of 360 companies were traded on the exchange, of which 115 gained in value, 228 declined and 17 remained unchanged. In KSE 100, 41.2 million shares were traded with a net worth of Rs. 3.16 billion.
Top traded sectors:
Chakwal Spinning the volume leader with a turnover of 5.6 million shares, losing Rs. 1.00 to close at Rs. 11.92. It was followed by TRG Pak Ltd with 10.39 million shares, gaining Rs. 0.13 to close at Rs. 37.05, Nishat Chunian with 4.64 million shares, gaining Rs. 2.72 to close at Rs. 57.24 and K-Electric Ltd 5.66 million shares, losing Rs. 0.14 to close at Rs. 6.92.
Top Advancers of the market were:
Top Decliners of the market were:
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