KARACHI
\nPakistan Stock Exchange (PSX) witnessed another volatile and massive sell-off session on Wednesday, with the benchmark KSE-100 Index shedding 641.21 points (-1.47 percent) to close at 42,863.15 points.
\nThe benchmark index shed over 1,100 during the intra-day trading and managed to trim losses of the day during the last 15 minutes trading. Overall, the market has shed around 2,000 points during the last three sessions.
\nThe market opened on a slight positive note but the indices remained in the green territory for the first ten minutes only and the rest of the session witnessed massive selling due to political uncertainty in the country and the government\u2019s indecisiveness over economic decisions.
\nThe investors remained cautious amid continuous depreciation of rupee against the US dollar.
\nBallooning trade deficit during the current fiscal year due to a massive growth in imports, and fast depleting foreign exchange reserves.
\nThe uncertainty regarding the 7th review of the International Monetary Fund (IMF) programme also added fuel to fire. The expected rise in the policy rate in the upcoming Monetary Policy Committee meeting also kept the investors at bay. Moreover, the MSCI review, which is scheduled for Thursday, also kept the market under pressure.
\nThe KSE-100 Index moved in a range of 1,255.27 points, showing an intraday high of 43,649.59 and a low of 42,394.32 points. Among other indices, the KSE All Share Index shed 433.69 points (-1.46 percent) to close at 29,203.23 points, while KMI All Share Islamic Index shed 301.84 points (-1.42 percent) to close at 20,970.28 points.
\nA total of 372 companies traded shares in the stock exchange compared to 346 a session earlier. Out of traded companies, shares of 56 closed up, shares of 300 closed down while shares of 16 companies remained unchanged. Out of 96 traded companies in the KSE-100 Index, 10 closed up, 84 closed down and two remained unchanged.
\nThe overall market volumes increased by 104.68 million to 338.54 million shares. Total volumes traded for the KSE-100 Index increased by 53.14 million to 167.55 million shares. The number of total trades increased by 25,364 to 125,609, while the value traded increased by Rs2.67 billion to Rs9.53 billion. Overall market capitalisation decreased by Rs110.61 billion.
\nAmong scrips, WTI topped the volumes with 31.41 million shares, followed by CNERGY (24.78 million) and PAEL (16.77 million). Stocks that contributed significantly to the volumes included WTI, CNERGY, PAEL, PRL and TRG, which formed over 29 percent of total volumes.
\nIn terms of rupee, GATI remained the top gainer and witnessed an increase of Rs26.7 (+7.5 percent) per share, closing at Rs382.8. The runner-up remained ISIL, the share price of which climbed up by Rs16.82 (+3.52 percent) to Rs494.82. COLG remained the top loser in terms of rupee and witnessed a decrease of Rs97.86 (-4.45 percent) per share, closing at Rs2,100, followed by NESTLE, the share price of which fell by Rs50.01 (-0.86 percent) to close at Rs5,750 per share.
\nThe sectors taking the index towards the south were commercial banks (109 points), fertilizer (71 points), cement (64 points), power generation & distribution (51 points) and chemical (40 points). The most points taken off the index were by HUBC (44 points), FFC (32 points), UBL (31 points), SYS (26 points) and DAWH (20 points).
\nThe sectors taking the index towards the north were fertilizer (41 points), technology & communication (28 points), chemical (17 points), oil & gas marketing companies (13 points), and power generation & distribution (11 points). The most points added to the index were by TRG (44 points), COLG (27 points), POL (24 points), ENGRO (19 points), and FFC (18 points).
\nThe only sector that was in green remained synthetic & rayon; however, due to its low weightage, it failed to make any impact. The most points added to the index were by BAHL (6 points), OGDC and AICL (3 points each) and HBL and PPL (2 points each).<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistan Stock Exchange (PSX) witnessed another volatile and massive sell-off session on Wednesday, with the benchmark KSE-100 Index shedding 641.21 points (-1.47 percent) to close at 42,863.15 points. The benchmark index shed over 1,100 during the intra-day trading and managed to trim losses of the day during the last 15 minutes trading. Overall, the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-260064","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n