Absence of triggers compels investors to indulge in selling spree

March 7, 2019 (MLN): The KSE-100 index continued its downward momentum as it fell by 274 points to close at 39,294 level due to what seemed like a faded euphoria of de-escalated tensions between India and Pakistan. Lack of positive triggers also prompted the investors to indulge in selling-spree.  

Commercial Banks, Oil & Gas Exploration Companies and Power Generation & Distribution Companies were the worst performers today as they cumulatively chipped away around 170 points. Moreover, the major contributors for the Index’s decline were OGDC (-2.21%), HUBC (-1.96%), BAHL (-2.04%), PPL (-1.05%) and UBL (-1.3%).

However, Automobile Sector was the highlight of today’s trading session after government, as part of Finance Supplementary Bill, permitted non-filers to purchase locally manufactured vehicles regardless of engine capacity. Taking the session by storm, the scrips of HCAR (+5%), INDU (+5%) and PSMC (+4.99%) touched their upper circuits.  

The index observed trading of 46 million shares of the listed scrips, having a total value of Rs. 2.9 billion. Within a range of 489 points, the index touched an intra-day high of 39,747 points and an intra-day low of 39,257 points. 

The broader KSE All Share index also closed in red region, as it lost around 182 points and closed at 28,657 points. It traded nearly 83 million shares, having a value of Rs 3.8 billion.

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