May 20, 2019 (MLN): The KSE 100 index has lost another 678 points during the early hours of first session of the week, and is trading below 33,000-mark at 32,492 points as of now.
The possibility of a discovery of gas reserves at Kekra-I block was the last straw for investors to grasp. However, the claim by PM that a ‘major discovery’ was on its way, fell flat on its face as Petroleum Division recently issued a statement saying that the results of four-month offshore drilling at Indus G-Block had shown good quality hydrocarbon reservoir but unfortunately these were water wet. Damp squib is certainly an ironic euphemism!
Consequently, the E&P companies are suffering the brunt of these hollow claims and have so far snatched around 236 points from the index. Within this sector, the scrips of PPL (-5.00%), OGDC (-4.60%) and POL (-3.61%) are trading at their lowest.
Fertilizer sector is also actively participating in bringing the index to its last wits, as it has taken away nearly 117 points hitherto.
Up till now, the index has touched an intraday high of 33,166 points and an intraday low of 32,352 points.
