— Investors helpless as nothing seems to be going their way!
LAHORE: Pakistan Stock Exchange (PSX) investors have had yet another blow to their investment portfolios as they saw the benchmark KSE 100 index fall from 53,127.24 to 41,025.28 points within four months, today. The uncertain political environment is causing scares throughout the market as the markets faces ambiguity over the future of the country’s leadership.
Indices were constantly dropping throughout the day without any signs of recovery anytime soon. The KSE 100 index saw a steep drop of 2.15 per cent or a massive 903.12 points and closed at 41,115.78. The KMI 30 index took a 1,957.91 points or 2.77 per cent hit to reach 68,824.19. The KSE All Share Index was lower by 519.51 points with 56 advancers and 296 decliners.
The market volumes were up 37 per cent day-on-day basis to 121.28 million with 62.87 million shares exchanged in the KSE 100 index scripts. The crumbling cement sector dominated the volumes chart and was the highest traded sector. Maple Leaf Cement Factory Limited (MLCF -4.99 per cent) was top traded script during the day with 9.57 million shares put on the table.
Not long ago the cement sector was the top performer but today’s was the worst. The sector chopped off 4.61 per cent from its market capitalization. Lucky Cement Limited (LUCK -5.00 per cent) floored, down 26.46 per cent in a year, Bestway Cement Limited (BWCL -5.00 per cent) grounded, lost 35.56 per cent in the past one year, Kohat Cement Company Limited (KOHC -5.00 per cent) at lower lock, trading at almost half the price same time last year.
The economic side of the country has no good news too, annual consumer inflation remained four per cent in September on the back of an increase in the prices of petroleum and perishable products. Inflation rose 0.80 per cent month‐on‐month in September compared to 0.20 per cent in the preceding month and 0.20 per cent in September 2016. Average annual inflation in July‐September stood at 3.39 per cent against 3.86 per cent in the same period a year ago.
The only good news for investors is the trend in foreign investment. Foreign investors have been net buyers of US $ 0.99 million in the last 10-days.
