Closing Bell: Bears unleashed!

Jul 18, 2019 (MNL): The equity market participants pulled off an extensive sell-off on trading floors today, causing the benchmark KSE – 100 index to lose 672 points and conclude the session at 32,309 points.

Political instability due to NAB’s actions against leading political leaders over corruption, as well as monetary tightening by SBP formed a gloomy cloud over the market which casted a shadow over the index all day long.

This is the lowest the index has fallen in the last three years. The last time KSE -100 index fell below this level was in March 2016 when it closed a session at 32,147 points.

The Index traded in a range of 788.64 points or 2.39 percent of previous close, showing an intraday high of 33,014.74 and a low of 32,226.10.

Of the 91 traded companies in the KSE100 Index 5 closed up 82 closed down, while 4 remained unchanged. Total volume traded for the index was 71.67 million shares.

Sector wise, the index was let down by Commercial Banks with 115 points, Oil & Gas Exploration Companies with 101 points, Fertilizer with 97 points, Oil & Gas Marketing Companies with 58 points and Cement with 46 points.

The most points taken off the index was by ENGRO which stripped the index of 71 points followed by PPL with 64 points, HBL with 52 points, OGDC with 38 points and HUBC with 24 points.

Meanwhile, the KSE All Share Volume decreased by 24.15 Million to 87.41 Million Shares while Market Cap decreased by Rs.126.92 Billion.

Total companies traded were 320 compared to 308 from the previous session. Of the scrips traded 29 closed up, 275 closed down while 16 remained unchanged.

Total trades decreased by 12,396 to 31,506 whereas Value Traded increased by 0.05 Billion to Rs.3.76 Billion

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