Closing Bell: Bourse crumbles under pressure

April 10, 2019 (MLN):  The Stock Market seems to be displaying bearish sentiments, as the benchmark index came under mammoth pressure once again and slipped below the 37,000 point milestone after losing over 550 points in today’s trade and closed  at 36,579 points. This was the lowest close since June 2016.

The negative sentiments were attributed to Fitch's concerns on Pakistani banking sector which according to them will continue to face headwinds on the back of rising interest rates and slowing economic growth.

Cement sector and Commercial Banks emerged as the worst performing sector as they stripped away 211 points from the index collectively. The major scrips that drove the 100 – index towards red included, LUCK (-4.92%), PSO (-3.38%) OGDC (-1.22%), HBL (-1.23%) and PPL (-1.09%).

Intraday high peaked at 37,170 points and intraday low dove as deep as 36,464 points, whilst the index moved within the range of 705 points.

The market participants traded a total of 73.3 million shares within KSE - 100 today, at PKR 3.6 billion.

Meanwhile, the broader KSE All Share Index shed 307 points to close the session at 26,929 points.

Total 308 companies’ transacted shares in the stock market today, out of which only 43 recorded gains and 245 sustained losses whereas the share price of 20 companies remained unchanged.

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