Stocks bleed as KSE-100 plunges 672 points 

KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed bloodshed on Thursday, as the indices kept trading in the red amid lack of triggers. Foreign investors closed the preceding session as net buyers with a net inflow of $0.462 million.

According to the recent data released by the State Bank of Pakistan, the country’s current account deficit declined by 32pc to $13.59 billion in Financial Year 2018-19 mainly due to a growth in the inflow of worker remittances and a reduction in the import of goods and services.

Meanwhile, as per media reports, the government might increase power tariff by another Rs3.5 per unit, in line with the International Monetary Fund (IMF) agreement.

After shedding 758,45 points, the KSE-100 Index touched its intraday low of 32,223.54. In the absence of positive triggers, the index ended the session lower by 672.45 points at 32,309.54. The KMI-30 Index declined by 1,308.42 points to close at 50,403.71, while the KSE All Share Index depreciated by 459.71 points, settling at 23,767.01. Out of total traded scripts, 31 advanced and 250 declined.

The overall trading volumes declined from 111.56 million in the previous session to 87.41 million. TRG Pakistan Limited (TRG -7.11pc), K-Electric Limited (KEL -4.58pc) and Habib Bank Limited (HBL -2.69pc) remained the volume leaders of the day. The scripts had exchanged 8.59 million shares, 7.35 million shares and 4.65 million shares respectively.

The power generation and distribution sector lost -2.74pc from its cumulative market capitalization. Altern Energy Limited (ATLN -5.00pc) touched its lower lock, while K-Electric Limited (KEL) was down by 4.58pc, Nishat Chunian Power Limited (NCPL) by -4.08pc and Pakgen Power Limited (PKGP) by -2.69pc.

The fertilizer sector also chipped off -2.41pc from its total market capitalization. Fatima Fertilizer Company Limited (FATIMA -4.54pc), Engro Corporation Limited (ENGRO -3.92pc) and Arif Habib Corporation Limited (AHCL -3.49pc) all closed in the red zone.

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