Stocks bleed as KSE-100 plummets 936 points

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KARACHI: The Pakistan Stock Exchange (PSX) took a pounding on Thursday, with the benchmark KSE-100 Index dropping by over 1,000 points intraday.

Foreign investors, on the other hand, remained net buyers for the third consecutive session on Wednesday with a net inflow of $3.28 million. Major buying was witnessed in the banking sector ($1.30 million).

The KSE-100 index opened the day at 38,046.34 but soon dropped over 1,000 points to record its intraday low at 37,033.45. The index settled lower by 936.37 points at 37,101.31. The KMI-30 Index lost 1,717.45 points to end at 59,973.06, while the KSE All Share Index closed lower by 526.36 points at 26,370.44. Out of the total traded shares, 66 advanced, 272 declined while the value of 214 remained unchanged.

The overall trading volumes declined by 29pc to 232.57 million. K-Electric Limited (KEL -3.61pc), Pak Elektron Limited (PAEL -4.76pc) and TRG Pakistan Limited (TRG -5.00pc) led the volume chart. The scripts had exchanged 12.13 million, 10.32 million and 9.51 million shares, respectively.

Sectors that drove the index south included banking (-207.51 points), fertiliser (-113.84 points) and oil and gas exploration (-99.87 points). Among the companies, Hub Power Company Limited (HUBC -68.87 points), Engro Corporation Limited (ENGRO -58.72 points) and Lucky Cement Limited (LUCK -53.33 points) dented the index the most.

The cement sector witnessed a decline of -3.89pc in its cumulative market capitalisation. D G Khan Cement Company Limited (DGKC -5.00pc) touched its lower lock, while Lucky Cement Limited (LUCK -4.62pc), Bestway Cement Limited (BWCL -2.91pc) and Maple Leaf Cement Factory Limited (MLCF -4.88pc) also closed in the red zone.

In a notification to the exchange, Avanceon Limited (AVN -0.66pc) announced that the company has been awarded a contract for the up-gradation of Emergency Shutdown (ESD) System at Lotte Chemical Pakistan Limited (LOTCHEM -2.48pc) plant situated at Port Qasim, Karachi.

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