Closing Bell: Its a sad, sad day!

May 6, 2019 (MLN): The bears seem to have taken over the deepest darkest dungeons of equity markets, as today the KSE-100 lost around 517 points and closed the session at 35,605 points. It is pertinent to mention that the benchmark index has lost around 1,525 points over the course of five working days.

This is an extremely alarming situation for the stock markets in particular and the economy in general, as incessant losses have coaxed the investors to indulge in selling activity. Moreover, continuous reshufflings and replacements within key executive positions have raised various question marks on the present government.  

Nonetheless, IMF has been the biggest emitter of uncertainty as difficulty in reaching a consensus with Pakistan has led to a state of extreme confusion and insecurity for investors.

In line with today’s calamitous performance, the E&P sector emerged as the top loser during the session, as it snatched around 117 points from the index. This was followed by Commercial Banks and Cement Sector as they collectively snatched approximately 171 points from the index by the day end. Furthermore, the scrips that significantly influenced the benchmark index’s performance included PPL (-3.01%), LUCK (-4.17%), ENGRO (-2.18%), UBL (-2.45%) and HUBC (-2.27%).

Engulfed within a range of 329 points, the index oscillated between an intraday high of 36,191 points and an intraday low of 35,570 points. Moreover, the share prices of 16 companies reported an increase, 72 companies reported a decline whereas 4 companies reported no change.

Likewise, the broader KSE All Share index ended the session on a disastrous note as it lost 305 points and closed the session at 26,232 points. It traded nearly 71 million shares, having a value of Rs. 3.1 billion.

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