Closing Bell: Panic selling witnessed

Jun 24, 2019 (MNL): The benchmark index endured a volatile session today as the index failed to sustain positive momentum of the preceding session and slipped into the negative territory.

As pointed out earlier, the decision of the Cement’s distributors to discontinue their operations if government fails to reverse budgetary measures particular to cement industry kept the domestic bourse in check.

Consequently, losses incurred by the Cement sector led the decline on the first trading day of the week despite positive start.

On the flip side, USD3 million dollar investment from Qatar failed to reinforce investors’ confidence.

 Accordingly, the Benchmark KSE100 index ended today's trading session with a 653.30 points or 1.86 percent decline to close at 34,471.95.

The Index traded in a range of 825.88 points or 2.35 percent of previous close, showing an intraday high of 35,194.64 and a low of 34,368.76.

Of the 94 traded companies in the KSE100 Index 12 closed up 79 closed down, while 3 remained unchanged. Total volume traded for the index was 58.10 million shares.

Sector wise, the index was let down by Oil & Gas Exploration Companies with 127 points, Cement with 106 points, Fertilizer with 99 points, Commercial Banks with 91 points and Oil & Gas Marketing Companies with 56 points.

The most points taken off the index was by LUCK which stripped the index of 56 points followed by PPL with 40 points, POL with 34 points, OGDC with 34 points and ENGRO with 33 points.

Sectors propping up the index were Tobacco with 9 points, Food & Personal Care Products with 5 points, Paper & Board with 3 points, Miscellaneous with 2 points and Textile Spinning with 1 point.

The most points added to the index was by PMPK which contributed 11 points followed by BAHL with 7 points, NESTLE with 7 points, PKGS with 3 points and NATF with 3 points.

All Share Volume decreased by 50.54 Million to 78.76 Million Shares. Market Cap decreased by Rs.96.41 Billion.

Total companies traded were 337 compared to 313 from the previous session. Of the scrips traded 46 closed up, 273 closed down while 18 remained unchanged.

Total trades decreased by 7,600 to 32,038.

Value Traded decreased by 1.33 Billion to Rs.2.89 Billion

Copyright Mettis Link News