March 18, 2020 (MLN): The KSE-100 index fell by 2,200 points i.e. 6.75% lower than the previous closing to settle at 30,416 mark, a day after a rate cut by Central Bank with steep losses triggered an early market halt coupled with a drastic jump in Covid-19 cases in all across the country.
The market sell-off continued today showing its disappointment to SBP’s rate cut. Yesterday SBP announced MPC wherein it reduced the policy rate by 75 basis points to 12.50%, against the market expectation of 100-200bps.
It is worth mentioning that it was not the first time that the market has had been suspended for 45 min from going into free-fall: circuit breaker mechanisms kicked in three times last week.
The aggressive measures to prevent the spread of coronavirus and their deepening economic impact have started affecting the capital market and oil prices as the government imposed strict curbs on public activities.
The Index remained negative throughout the session touching an intraday low of 30,378.84
Of the 91 traded companies in the KSE100 Index 2 closed up and 89 closed down. The total volume traded for the index was 133.60 million shares.
Sector-wise, the index was let down by Commercial Banks with 582 points, Fertilizer with 320 points, Oil & Gas Exploration Companies with 292 points, Cement with 198 points and Power Generation & Distribution with 164 points.
The most points taken off the index were by HBL which stripped the index of 145 points followed by ENGRO with 143 points, HUBC with 121 points, MCB with 105 points and FFC with 101 points.
All Share Volume decreased by 53.72 Million to 186.65 Million Shares. Market Cap decreased by Rs.350.92 Billion.
Total companies traded were 363 compared to 355 from the previous session. Of the scrips traded 20 closed up, 336 closed down while 7 remained unchanged.
Total trades decreased by 49,000 to 43,144.
Value Traded decreased by 5.99 Billion to Rs.5.31 Billion
| Company | Volume |
|---|---|
| K-Electric | 25,474,500 |
| The Bank of Punjab | 19,572,000 |
| HBL Investment Fund | 9,102,000 |
| Maple Leaf Cement Factory | 6,974,000 |
| Unity Foods | 5,410,500 |
| TRG Pakistan | 5,252,000 |
| Hascol Petroleum | 5,185,000 |
| Pakistan International Bulk Terminal | 4,313,000 |
| Sui Northern Gas Pipelines | 4,159,000 |
| Engro Fertilizers | 4,127,500 |
| Sector | Volume |
|---|---|
| Commercial Banks | 32,944,300 |
| Power Generation & Distribution | 31,082,500 |
| Cement | 22,829,500 |
| Oil & Gas Marketing Companies | 12,833,500 |
| Technology & Communication | 10,793,200 |
| Close – End Mutual Fund | 9,105,500 |
| Fertilizer | 8,590,000 |
| Chemical | 6,680,300 |
| Oil & Gas Exploration Companies | 6,094,200 |
| Food & Personal Care Products | 6,022,770 |
Copyright Mettis Link News
33540
