— KSE 100 collapses intraday spreading fear among investors
LAHORE: Karachi bleed as bears took a hit while offloading their portfolios. After a slow week, the KSE 100 dropped below 40,000 point intraday at a 3.12 per cent decrease. Too much relief, the index gained points just before day end. Local investors were too shaky as per data compiled by the National Clearing Company of Pakistan, while foreign investors moved in for the second consecutive session.
The KSE 100 index collapsed 1,245.90 points intraday to low of 39,869.88 before recovering and ending the day down 654.78 points at 40,461.00. The KMI 30 index depreciated 2.15% or a massive 1,448.53 points to 67,375.66. The KSE All Share Index reduced 472.88 points to 29,170.01 with 58 advancers to 293 decliners.
Majority of the sector chopped off value from its market capitalization. Glass and ceramics was top loser which fell 4.12%, engineering lost 3.55% and Cable and electrical goods was 3.24% in the red.
The market volumes surged from 121.28 million to 192.00 million. Aisha Steel Mills Limited (ASL -2.98%) topped the volume chart with 10.90 million shares traded. The management informed all stakeholders through a notice to the exchange that contract for civil works of expansion have been awarded and work will start shortly. Pakgen Power Limited (PKGP +2.76%) and K-Electric Limited (KEL -3.05%) followed after 10.13 million and 9.75 million shares respectively were exchanged in the scripts.
Chakwal Spinning Mills Limited (CWSM +9.16%) jumped higher with good volumes, 7.55 million. The company notified the exchange about the resolution of the issue with Sui Northern Gas Pipeline Limited (SNGP -4.93%) and gas supply has been restored.
