Dark clouds looming over PSX: KSE-100 nosedives by 1138.37 points

December 20, 2022 (MLN): The storm has finally hit the Pakistan Stock Exchange (PSX) as the index fell below the mark of 40,000, closing at 39,832.45.

The benchmark KSE-100 index made an intraday high of 41,037.14 and an intraday low of 39,533.03 during the day.

Investors' confidence is completely shaken due to the current political turbulence in Punjab and KP assemblies to be solved coming Friday, Shayan Jan, Industry Research Analyst at Al Baraka Bank told Mettis Global. 

He further added that institutions are on redemption, apparently, it looks like investment is being pulled out from the equity market and being switched towards the money market to get better risk-free returns. 

"The future outlook is still negative as our foreign exchange reserves are declining every day, until and unless any huge funding is arranged market sentiment will remain negative," he anticipated. 

By the session’s end, the total volumes of the KSE-100 index stood at 128.22mn shares, increased by 35.73% DoD from 82.41mn shares traded on Monday.

Shares of 92 companies were traded on Tuesday, of which 82 recorded a fall, 8 registered an increase and two remained unchanged.

In terms of sectors, most of the negative contributors were technology, commercial banks, oil & gas exploration, cement, and fertilizer exploration which negatively contributed 625.19 points.

Meanwhile, the volume leaders on the benchmark index were KEL (19.98mn), CNERGY (9.97mn), UNITY (6.39mn), HUBC (6.23mn), and MLCF (4.68mn).

The stocks that emerged as net losers during the day included: PSEL (7.49%), NESTLE (1.69%), ABOT (6.26%), MARI (1.50%), and ARPL (4.47%). On the other hand, the scrips which gained the most during the session included RMPL (2.33%), COLG (0.86%), PKGS (0.32%), HMB (0.75%), and FFC (0.24%).

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