LAHORE
Political turmoil continues to dampen investor’s confidence as the Pakistan Stock Exchange (PSX) came crashing down to low of the year.
The benchmark KSE 100 index came crashing down 19 per cent since peak of 53,127.24 hit in May. The index is now down around 10,000 points from the all-time high. Awaiting decision from Supreme Court against the first family, local and foreign investors remain confused. According to data posted by the National Clearing Company of Pakistan, local mutual funds and banks were net sellers on Tuesday while foreign investors cherry-picked at low prices.
The KSE 100 index depreciated by 1,093.43 points to year-to-date low of 43,027.15. These values were not seen since December last year. It later gained some momentum and closed lower by 328.39 points at 43,792.19. The KMI 30 index laid off 1.59pc as investors booked profit in the cement sector. The KSE All Share index declined 0.24pc with 140 advancers and 193 decliners.
The market volumes improved from 185.17 million of the previous session to 215.17 million. K-Electric Limited (KEL +4.97pc) led the volume leader for yet another session with 19.92 million shares traded. TRG Pakistan Limited (TRG +2.15pc) followed.
Commercial bank sector garnered top interest with cumulative volume of 29.98 million.
The oil and gas exploration sector increased the most, 2.39pc. Oil and Gas Development Company Limited (OGDC +3.98pc) was top-gainer in the sector and Pak Petroleum Limited (PPL +2.72pc) was next.
According to the data compiled by Pakistan Automotive Manufacturers Association (PAMA), improving macro-economic growth, lower financing rates and newer models introduced by auto companies have contributed towards rise in sales of the sector.
Locally assembled car sales (including Light Commercial Vehicles, Vans and Jeeps) jumped by 14pc in FY17 ended on June 30, 2017. These are excluding Punjab taxi scheme.
Sales of Honda Atlas Cars (Pak) Limited (HCAR -4.97pc) outperformed peers; posting a 52pc year-on-year growth. Pak Suzuki Motor Company (PSMC -5.00pc) rose 17 per cent while Indus Motor Company Limited (INDU +1.26pc) was lower 6 per cent YoY. The sector responded negatively to the data.
