Closing Bell: Bears dominate the index as ECC raises gas prices

The KSE-100’s ongoing dismal performance remained boisterous as ever as the index lost approximately 399 points during today’s trading activity, ending the session at 40,520 points.

Market movements during the day were largely influenced by the decision of the Economic Coordination Committee that announced its decision to raise prices of gas for both domestic and commercial sectors, including key sectors such as Fertilizer companies, Power sector, General Industrial and Captive consumers, and the Cement Sector, along with increased prices for Compressed Natural Gas (CNG).

Confined within a range of a whopping 706 points, the index rose to an intraday high of 40,961 points and dipped to an intraday low of 40,255 points. With respect to volume, around 68 million shares of the companies listed on KSE-100 were traded with a worth of around Rs. 3.7 billion.

The major players triggering the downfall of the market by 0.98% comprised of Commercial Banks, Cement, Oil & Gas exploration Companies and Fertilizer sector as they collectively took away over 271 points from the index.

Precisely, the losses on LUCK (-2.48%), UBL (-2.01%), OGDC (-1.37%), DAWH (-3.4%) and HBL (-1%) brought about the index’s stay in the red region.

Correspondingly, the broader KSE All Share shed 278 points by the day end, closing in at 29,686 points. An intraday high of 29,987 points was recorded for the KSE All Share index, while the intraday low sunk to 29,548 points today.

Over 144 million shares of the scrips listed within the broader KSE All Share Index were traded today, with its value recorded at Rs.5.4 billion.

The total number of companies traded today were 304 out of which 66 closed up, 216 closed down while 23 remained unchanged from their previous stock prices.

Volume Leaders

Top Gainers

Top Losers

Copyright Mettis Link News