LAHORE
The Pakistan Stock Exchange (PSX) performed abysmally on Monday again, with the benchmark indices making a record fall. The benchmark KSE-100 fell by 1900pts, a terrible fall.
Most of the investors remained still, hands down. The trading activity was as slow as it can get. The other Investors remained at a distance, at best, from the market and those who traded preferred to book profits.
The KSE 100 index closed the day down 8.52pc year to date having lost 15.92pc from its ever-high of 53,127.04.
The lingering uncertainty over the political climate, with the Supreme Court’s joint investigation team questioning close members of the first family is the major reason behind this catastrophic fall.
The KSE 100 index dropped to intraday low of 44,639.82 losing 4.31pc from previous close; this being the highest single day drop in the index.
It ended lower by 4.08pc and 1,899.88 points at 44,665.41. The KMI 30 Index nosedived by 4.57pc or 3,436.56 points to end at 75,161.66.
The KSE All Share Index lay off 3.60pc with only 27 advancers and 321 decliners.
During Ramzan, many pointed to the lessened working hours for the loss in points. However, even after Ramzan, it did not recover.
Many investors were expecting the PSX to be a hit after its inclusion in the emerging markets’ index but that did not work out too.
On the contrary, the rise in political temperature with the consistent JIT summons being sent out to the first family took a lead in making the fall uninterrupted.
The market volumes collapsed to 156.49 million from last session’s 235.70 million. Engro Polymer and Chemicals Limited (EPCL -4.99pc) led the volume chart with 10.51 million shares traded. Maple Leaf Cement Factory Limited (MLCF -2.56pc) followed as 9.48 million shares were exchanged. Top volumes were witnessed in the Commercial Bank sector which lost 4.63pc in terms of its market capitalization. All three top market capitalization banks depreciated to the maximum one day limit.
The Oil and Gas Exploration shed 4.12pc as once called the Index Giant, Oil & Gas Development Company (OGDC) sunk to its lower cap along with Mari Petroleum Limited (MARI -4.99pc). The cement sector had a longer list of floored scripts. Lucky Cement Limited (LUCK -5.00pc), Kohat Cement Company Limited (KOHC -5.00pc) and Cherat Cement Company Limited (CHCC -4.99pc) were all part of the party.
The Ittefaq Iron Industries Limited (ITTEFAQ -4.97pc) dropped to its floor price in the first hour of trading. The script opened at Rs 30.20, price determined in book building.
The Pakistan Stock Exchange Limited (PSX -4.21pc) which started trading last week has also been hit by market trend and declined ever since first day of trading.
The gainers were AASM (+11.61pc), KOHTM (+7.14pc), SMBL (+6.80pc), THAS (+5.00pc) and SAZEW (+5.00pc). These stocks were actually lucky enough to cut to the chase.
The losers were most of the stocks that traded. In descending order (from the most to the least) were BOPR2 (-50.00pc), OLPLR (-22.07pc), CJPL (-18.97pc), NIB (-16.86pc) and SLCL (-16.29pc).
The stock market has been on a wary ride. The month of July has seen the downfall of the worst kind. Even though the market reached its ever-high during May, it plummeted to an abysmal low.
