LAHORE
The Pakistan Stock Exchange on Thursday remained volatile in the absence of any positive trigger.
Investors who bought textiles, E&P’s and power scripts in the previous session booked profit today citing the uncertain direction of the rupee.
The benchmark KSE 100 index appreciated 166.53 points before nosediving 853.21 points down to 44,560.21. It settled 590.31 points in the red at 44,823.11.
The KMI 30 index crumbled by 1,357.25 points and the KSE All Share Index shed 329.62 points. The advancer-to-decliner ratio stood at 71 to 265.
Currency value was the centre of discussion early morning after the 3.10 per cent dive which it took against the US dollar on Wednesday. While the central bank – State Bank of Pakistan – believed it to be broadly in line with economic fundamentals, the government termed it as “artificial” weakness.
Finance Minister Ishaq Dar blamed miscommunication by “individuals” and institutions for the rupee’s biggest tumble in nine years. The central bank operating under an acting governor since May 1 is likely to get a new governor as early as tomorrow.
Volumes escaped from the market and only 146.62 million shares were exchanged with 72.69 million trades relating to the KSE 100 index scripts. TRG Pakistan Limited (TRG-4.95pc) was a leader by miles, 17.97 million. Aisha Steel Limited (ASL +0.75pc) was next.
Most sectors closed in the red. Commercial Bank sector laid off 0.93pc off their market capitalization as United Bank Limited (UBL) dropped 1.18pc and MCB Bank Limited (MCB) closed 0.50pc down.
The State Bank of Pakistan has approved the close of business on July 7, 2017, as the effective date for the purpose of amalgamation of NIB Bank Limited (NIB) with and into MCB.
The star performer of the previous session, oil and gas exploration sector, dropped as crude oil prices in the international markets ended their longest winning streak. The sector was lower by 1.01pc with Pakistan Oilfields Limited (PPL -2.50pc) as its top loser.
Engineering scripts got hammered on Thursday but in its fourth session of trading Ittefaq Iron Industries Limited (ITTEFAQ +4.51pc) hit the upper circuit breaker. Amreli Steels Limited (ASTL +0.04pc) was little changed but positive after lower cap in the last session. Mughal Iron and Steel Industries Limited (MUGHAL -4.61pc) fell again.
