Closing Bell: An alarming situation for equity markets

April 4, 2019 (MLN): Commercial Banks and Oil & Gas Exploration Companies, along with Power Generation & Distribution Companies, set out on a selling spree through the day’s trade, stripping the benchmark 100 index of over 230 points collectively. Negative sentiment was mainly driven by ADB’s expectation of GDP growth rate of FY19 to be 3.90%.

Bears had a lasting impact on the investors’ sentiments throughout the day, resulting in an overall loss of 506 points at KSE – 100 index, which slipped beyond the 38,000 points by day end. Today’s session was concluded at 37,516 points, down by 1.33% from last session’s closing value.

Intraday high peaked at 38,042 points and intraday low dove as deep as 37,413 points, whilst the index moved within the range of 629 points.

The market participants traded a total of 63 million shares within KSE - 100 today, at PKR 2.9 billion.

The major scrips that drove the 100 – index towards red included, HUBC (-3.59%), UBL (-2.66%) PPL (-1.15%), HBL (-1.11%) and ENGRO (-1.10%).

Meanwhile, the broader KSE All Share Index shed 381 points to close the session at 27,409 points.

Total 307 companies’ transacted shares in the Stock Market today, out of which only 49 recorded gains and 235 sustained losses whereas the share price of 23 companies remained unchanged.

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