PSX Closing Bell: Purple Haze

May 19, 2021 (MLN): The Stock market turned bearish on Wednesday as the benchmark KSE-100 index nosedived 300 points and closed at 45,682 level amid profit taking.

The selling spree observed in today’s session was largely due to political uncertainty (creation of forward blocks) which led to loss of investors’ confidence in the market.

The Index remained negative throughout the session touching an intraday low of 45,610.92

Of the 94 traded companies in the KSE100 Index 31 closed up 62 closed down, while 1 remained unchanged. Total volume traded for the index was 297.56 million shares.

Sector wise, the index was let down by Technology & Communication with 83 points, Cement with 72 points, Commercial Banks with 53 points, Textile Composite with 29 points and Oil & Gas Marketing Companies with 24 points.

The most points taken off the index was by TRG which stripped the index of 70 points followed by LUCK with 24 points, HBL with 23 points, PSO with 22 points and HUBC with 22 points.

Sectors propping up the index were Oil & Gas Exploration Companies with 18 points, Paper & Board with 8 points, Glass & Ceramics with 5 points, Chemical with 3 points and Synthetic & Rayon with 2 points.

The most points added to the index was by MARI which contributed 16 points followed by HASCOL with 14 points, KEL with 14 points, OGDC with 13 points and ENGRO with 10 points.

All Share Volume increased by 41.52 Million to 578.31 Million Shares. Market Cap decreased by Rs.20.69 Billion.

Total companies traded were 398 compared to 404 from the previous session. Of the scrips traded 148 closed up, 234 closed down while 16 remained unchanged.

Total trades decreased by 12,446 to 161,766.

Value Traded decreased by 2.31 Billion to Rs.20.80 Billion

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