PSX plunges 653 points amid low turnover

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KARACHI: Stocks bled on the first trading session of the week, as the KSE-100 index benchmark nosedived over 700 points intraday amid low market turnover.

Foreign investors closed the previous week (from June 17 to June 20) as net sellers with a net outflow of $5.89 million.

On the economic front, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh tweeted on Monday that Pakistan has secured another bailout package of $3 billion from Qatar. Following the package, Pakistan’s total loans from friendly countries have reached $16 billion within one year’s time.

Moreover, as per news reports, the government has surpassed its annual target of foreign loans in 11 months, acquiring $9.5 billion from international creditors for repayment of previous loans and for failure in achieving the $27 billion export target. Gross foreign loan disbursements from July to May of the outgoing fiscal year were higher than the annual budgetary target of $9.3 billion

Declining by 756.79 points, the KSE-100 Index benchmark touched its intraday low of 34,368.46. It settled lower by 653.30 points at 34,471.95. The KMI-30 Index sank by 1,561.87 points to close at 55,144.34, while the KSE All Share Index plunged 346.89 points, closing at 25,275.81. Out of the 324 traded scripts, 47 advanced, 257 declined while the value of 20 remained unchanged.

The overall trading volumes remained thin and were recorded at 78.12 million (-28pc). K-Electric Limited (KEL 0.00pc), TRG Pakistan Limited (TRG -5.52pc) and Fauji Cement Company Limited (FCCL -6.14pc) remained the volume leaders of the day. The scripts had traded 6.40 million shares, 5.40 million shares and 4.18 million shares respectively.

The oil and gas marketing sector chipped off -3.41pc from its total market capitalization. Hascol Petroleum Limited (HASCOL -4.96pc), Sui Southern Gas Company Limited (SSGC -4.42pc, Sui Northern Gas Pipe line Limited (SNGP -3.11pc) and Pakistan State Oil Company Limited (PSO -3.42pc) closed in red.

On the market front, the management of Engro Foods Limited (EFOODS +0.18pc), through a notification sent to the exchange, announced that the company has changed its name to FrieslandCampina Engro Pakistan Limited.

 

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