KARACHI
Investors were welcomed by a red trade screen on Wednesday morning as trend to sell continued from the previous sessions. The benchmark KSE 100 index dropped below down to 43,826.67 losing over 1000 points from last close which was a massive over 9,000 decline from its peak of 53,127.24.
Investors entered the market post afternoon to grab everything on discount and the index pulled back intraday losses and a further 849 points to hit 45,763.70 when the closing bell rung. The final closing value of the index was recorded at 45,474.46, up 560.02 points.
The KMI 30 index also witnessed similar volatility and moved between the range of 74,267.03 and -78,155.43. The index landed with a 1,031.54 points gain at 77,371.23. The KSE All Share Index jumped 266.16 points to 31,773.99 with 188 advancers and 170 decliners.
However, it is still immature to conclude that whether the rise of PSX was due to MSCI up-gradation or because of any other factor. The political factors were also toned down a bit after PM Sharif’s initial appearance before JIT and also after CM Punjab Shehbaz Sharif saw the JIT as a witness. The entire political nexus of events slowed down further after Senator Nihal Hashmi sent a reply to the SC in which he rejected blames of ‘maligning the apex court’.
The market volumes surged to 344.56 million with 186.38 million shares traded in the KSE 100 index. The volume chart was dominated by TRG Pakistan Limited (TRG -3.95pc) where 23.11 million shares exchanged hands.
The Bank of Punjab (BOP +0.37pc) and K-Electric Limited (KEL -0.14pc) followed. A total of 20.20 million shares and 20.02 million shares respectively of the scripts were placed on the table.
The engineering sector added most to its market capitalization, 3.52pc and the cable and electrical goods sector clinched 2.60pc. The oil and gas exploration sector managed to top up its market cap with 1.36pc despite prices of crude oil in international market hovering 20pc lower than its peak for the year.
BankIslami Pakistan Limited (BIPL -1.85pc) declared financials for the period ended March 31, 2017. The bank reported markup earned of Rs 2.48 billion which converted into net profit of Rs 65.74 million. Earnings per share clocked at Rs 0.0652 against Rs 0.1244 reported in the same period last year.
