Closing Bell: Another volatile ride through the trading floors

June 3, 2019 (MLN): The KSE-100 Index experienced another volatile ride today, as the bears, after having a reign of 3 months, started the month on depressing note and pushed the index to as low as 35,424 points.

Market talk suggested the index’s plunge came on the back of falling crude oil prices, along with the building anticipation for upcoming budget announcement as the government announced that a tax target of Rs5.55 trillion for FY20 has been set.

Undeniably, meeting such an ambitious target would require severe actions, something that has made the markets anxious. The Benchmark KSE100 index ended today's trading session with a 469.50 point or 1.31 percent decline to close at 35,505.29.

The Index traded in a range of 561.15 points or 1.56 percent of previous close, showing an intraday high of 35,985.21 and a low of 35,424.06.

Of the 87 traded companies in the KSE100 Index 20 closed up 65 closed down, while 2 remained unchanged. Total volume traded for the index was 92.62 million shares.

Sector wise, the index was let down by Oil & Gas Exploration Companies with 205 points, Fertilizer with 80 points, Cement with 57 points, Oil & Gas Marketing Companies with 40 points and Textile Composite with 33 points.

The most points taken off the index was by PPL which stripped the index of 80 points followed by POL with 62 points, OGDC with 42 points, EFERT with 32 points and LUCK with 31 points.

Sectors propping up the index were Commercial Banks with 22 points, Insurance added 6 points while Leasing Companies and Real Estate Investment Trust contributed a point each.

The most points added to the index was by HBL which contributed 61 points followed by MCB with 51 points, EFUG with 7 points, ABOT with 6 points and HASCOL with 6 points.

All Share Volume decreased by 74.49 Million to 124.64 Million Shares. Market Cap decreased by Rs.92.78 Billion.

Total companies traded were 301 compared to 325 from the previous session. Of the scrips traded 103 closed up, 179 closed down while 19 remained unchanged.

Total trades decreased by 26,390 to 37,847.

Value Traded decreased by 4.23 Billion to Rs.4.70 Billion

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