Market Daily: KSE 100 drops 354.46 points, volumes continue to shrink

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LAHORE: The benchmark KSE 100 index rolled down to intraday low of 41,390.81 after a loss of 399.35 points. It settled lower by 354.46 points at 41,435.70. The KMI 30 index lost 761.34 points to 72,026.38 while the KSE All Share Index depreciated by 239.45 points to 29,476.42. The advancers to decliners ratio stood at 142 to 181.

The tobacco sector was top decliner which shed 4.84 per cent off its market capitalisation. The leather and tanneries sector lost 2.52 per cent. Amongst large sectors, cement sectors laid off 1.62 per cent from its market capitalisation and fertilisers 1.08 per cent.

The market volumes dripped down to 128.05 million against last sessions 161.74 million. It’s a depreciation of 20 per cent day-on-day basis. Only 54.44 million shares were exchanged in the KSE 100 scripts. Azgard Nine Limited (ANL +4.86 per cent) was volume leader and 15.80 million shares were traded in it. Dost Steels Limited (DSL +0.38 per cent) was next with 11.21 million of volume and The Bank of Punjab (BOP +4.29 per cent) with a volume of 9.27 million.

Kot Addu Power Company Limited (KAPCO +0.15 per cent) sent a notification to the exchange stating it has postponed its plan to acquire Hub Power Company Limited (HUBC -0.08 per cent) on directions of its majority shareholder, Water and Power Development Authority (WAPDA). The company will require a special resolution to go forward with the plan.

Both KAPCO and HUBC operate in the power generation and distribution sector. The 17.37 per cent stake was offered by Dawood Hercules Corporation Limited (DAWH +0.94 per cent).