Stocks lose 846 points amid lack of triggers

KARACHI: Bears surrounded the Pakistan Stock Exchange (PSX) on Monday, with the benchmark KSE-100 Index slipping below the 40,000-mark for the first time since 3rd December 2019.

Foreign investors sold equities worth $9.26 million during the outgoing week (Feb 3-7, 2020).

On the economic front, Pakistan’s imports contracted by 15.95pc while exports inched up by 2.13pc during the first seven months of FY20. This resulted in the country’s trade deficit narrowing by 28pc.

On a monthly basis, Pakistan’s exports failed to rise in the month of January, recording a decline of 3.19pc. On the other hand, imports reduced by 9.60pc during the month under review, helping the trade deficit contract by 15pc.

Shedding 947.44 points or -2.36pc, the KSE-100 Index recorded its intraday low at 39,196.19. The index settled with a loss of 846.93 points at 39,296.70. The KMI-30 Index declined by 1,660.97 points or -2.60pc to end at 62,250.69, while the KSE All Share Index decreased by 522.47 points, closing at 27,520.35. Out of the total traded shares, only 38 advanced while 276 declined.

Sectors responsible for the index’s fall included oil & gas exploration (-139.67 points), banking (-124.94 points) and oil & gas marketing (-86.03 points). Engro Corporation Limited (ENGRO -53.57 points), Nestle Pakistan Limited (NESTLE -47.30 points) and Oil and Gas Development Company Limited (OGDC -44.72 points) dented the index the most.

The overall market volumes fell from the previous session and were recorded at 180.77 million, with Hascol Petroleum Limited (HASCOL -6.00pc), Unity Foods Limited (UNITY -7.11pc) and Maple Leaf Cement Factory Limited (MLCF -2.02pc) leading the volume chart. The scripts had exchanged 15.36 million, 11.65 million and 9.62 million shares, respectively.

In a notification to the exchange, Sazgar Engineering Works Limited (SAZEW -5.76pc) announced the production and sales’ figures of its three-wheelers for the month of January. A total of 1,974 units were produced during the month review, whereas 2,524 units were sold.

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