Closing Bell: Chaos is indeed a pit!

July 5, 2019 (MLN): The trading floors seemed to be in a state of disarray after the government came into action to strike down tax evaders by confiscating their properties and SECP’s issuance of Search and Seizure rules in this regard.

Having made remarkable gains during the first three sessions on trading floors this week, the local market participants seemed to be channeling chaotic sentiments today as they led another sell-off and extended yesterday’s losses to today.

As compared to last week, the benchmark index has gained only 288 points (net) while gains during the first three sessions were almost 1,000 points.

The Benchmark KSE100 index ended the trading with a 380.60 point or 1.10 percent decline today, as it remained negative throughout the session touching an intraday low of 34,063.03.

Of the 81 traded companies in the KSE100 Index 14 closed up 65 closed down, while 2 remained unchanged. Total volume traded for the index was 42.35 million shares.

Sector wise, the index was let down by Commercial Banks with 90 points, Oil & Gas Exploration Companies with 63 points, Fertilizer with 50 points, Cement with 37 points and Power Generation & Distribution with 36 points.

The most points taken off the index was by HBL which stripped the index of 32 points followed by POL with 29 points, MCB with 28 points, ENGRO with 22 points and FFC with 20 points.

On the other hand, the KSE All Share Volume decreased by 60.61 Million to 51.25 Million Shares. Market Cap decreased by Rs.50.64 Billion.

Total companies traded were 296 compared to 318 from the previous session. Of the scrips traded 73 closed up, 212 closed down while 11 remained unchanged.

Total trades decreased by 23,640 to 23,943.

Value Traded decreased by 2.52 Billion to Rs.1.86 Billion

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