Closing Bell: PSX looted!

May 10, 2019 (MLN): Persistently taking forward their rally and expanding their loot from the past 8 days, the bears continued to storm through the trading floors in today’s trade and stripped the benchmark index of another 170 points as it concluded the session and week at 34,716 points.

The bears seem to have laid a siege at the trading floors given that compared to last week, the index has lost over 1,400 points and in the last two weeks, a loss of over 2,400 points has been noted.

The markets are at a loss of solid explanation for such a prolonged and nasty dive in stock performance over a fortnight.

The market participants traded around 30.1 million shares of 88 constituents listed within the KSE – 100 index. The value of trade turned out to be Rs.1.55 billion while 57 of these companies recorded declines in the prices of their shares.

Today’s losses are accredited to the Oil & Gas Exploration Companies and Fertilizer companies which jointly took over 110 points from the index, alone.

In particular, losses on the scrips of DAWH (-4%) and POL (-2.3%) drove the index deeper into the red zone.

On the other hand, the broader KSE All Share Index lost 51 points today and closed the week on 25,693 points.

Within this index, 39.3 million shares were traded at Rs.1.8 billion.

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