Since being included in the MSCI Index, today was the third time that the markets have dropped more than 1800 points.
The KSE-100 shed a total of 1899.88 points during the intraday trade. The market opened at the highest level and continued to fall throughout the day without any respite reaching a level of 44639.82 points.
The other two instances were on 1 June, 2017 and 12th June, 2017 when markets shed 1855.12 and 1810.76 points.
None of the companies in the KSE 100 ended the session in positive; 3 were unchanged where as 6 companies were not traded and a total of 91 companies were negative. KSE100 Index closed either in red or flat with more than half (56) of them closing at their respective lower price limits or falling by more than 4%.
This has been the third highest percentage [-4.08%] drop in the markets since 2014. Last time markets fell higher than this was in 2014 and 2015 when they fell by -4.46percent and -4.11percent respectively.
The market witnessed a succumbed activity after Eid holidays when the markets were relatively stable compared to today’s session. But with Pakistan’s Finance Minister, Ishaq Dar and Prime Minister’s son Hasan Nawaz were set to appear before the tribunal in the much hyped JIT Investigation. Markets have been taken over by the political shenanigans which continue to take the market down as the date for final verdict gets closer day by day.
The markets are expected to continue their negative trajectory throughout this week and into the next week as the tribunal has already summoned Prime Minister’s other son and his daughter, both of who are set to appear tomorrow and day after tomorrow.
The session witnessed a cumulative decline of 1899.56 points or a 4.08 percent.
The index touched an intra-day high of 46565.29 and a low of 44639.82 points, and closed at a tally of 44665.41 points.
The net percentage gainers by price during today’s session were; Wyeth Pakistan WYETH 2.23%, Island Textile Mills ILTM +4.91%, Sazgar Engineering Works SAZEW +5.00%, The Climax Engineering Company CECL +5.00% and Mehran Sugar Mills MRNS +4.17%.
The net percentage decliners during the session were; Sanofi-Aventis Pakistan Limited SAPL, Mari Petroleum MARI -4.82%, Services Industries Limited SRVI -5.055%, Millat Tractors Limited MTL -5.00% and ICI Pakistan ICI -5.00%.
Top 10 volume Leaders; Engro Polymer EPCL 10.50, MapleLeafCement MLCF 9.4 million, Bank of Punjab( BOPR2 8.3 million, Bank of Punjab BOP 8.1 million and The Resource Group TRG 8.0 million.
All Share Volume increased by 79.2 Million to 156.48 Million Shares. Market Cap decreased by USD 3.14 or Rs. 327 billion.
Total companies traded were 361 compared to previous session’s number of 388. Of the scrips traded 27 closed up, 321 closed down while 13 remained unchanged.
Total trades decreased by 6,845 to 49,793.
Value Traded decreased by 0.56 Billion to Rs.8.83 Billion.