Bears dominate the trading floors as KSE - 100 index loses another 544 pts

December 12, 2018 (MLN): Continuing to project their dominance on trading floors, the bears have driven the KSE – 100 index in red for the second session in a row.

Following Sui Southern Gas Company’s announcement regarding gas supply outage in the captive power plants of all industries and CNG stations, the market participants seemed to be engulfed in a wave of negative sentiments, causing the benchmark index to shed another 544 points by session end.

Standing closed at 38,307 points, the index lost over 1.4% over yesterday’s closing value.

Travelling within the range of 721 points, the 100-index touched an intraday high of 38,851 points and an intraday low of 38,130 points.

Total volume of shares traded today have exceeded yesterday’s volumes considerably, logging in at a total trade of 107 million shares, at PKR 6 billion.

Commercial Banks stripped the index of over 220 points today, thereby emerging as the top net losing sector of the day.

In particular, loss on the scrips of HBL (-2.85%) and UBL (-2.77%) was the main reason for today’s shortfall.

Of all the companies whose shares were traded today, the share prices of only 13 companies increased, whereas 76 companies witnessed a price decline.

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