KSE 100 dives more than 600 points

KSE 100 Index continues its downward trajectory for the third consecutive session this week during the first few hours of trading today and is currently trading at 40,942 level, having fallen by 622 points so far. Up till now, 32.96 million shares have been traded in the market, showing a considerable rise compared to the volume during the initial hours yesterday.

Intraday high for the day is yesterday’s closing level of 41,564 as the market has been in a negative momentum since the start of the trading session and went down to touch a low of 40,891, having travelled in a range of 673 points so far.

Sectors within the KSE 100 that are at the bottom so far include Commercial Banks, Cement, Oil and Gas Exploration companies, Oil and Gas Marketing Companies and Fertilizers.

Currently oil benchmark WTI is trading at $74.19 per barrel up 0.23 percent, while BRENT is up by 0.72 percent to $77.41 per barrel. The upward trend in oil is a market response to outage in oil production at one of US major oil supplier, Syncrude Canada Oil sands’ facility resulting in tightening of oil inventories with the US.

The scripts trading at KSE that are at the bottom today in the first half of the current session include BATA Pakistan Ltd down by Rs. 50 or 2.63%, followed by WYETH Pakistan Limited (WYETH) down Rs.42.25 or 2.91% and Ghandhara Industries Limited, down Rs. 24.67 or 3.63%.

Volume at KSE so far is being led by PAK Electron Limited (8.212 million) which is down 4.44% so far, followed by Maple Leaf Cement Factory Limited (3.19 million) down by 4.98% and TRG Pakistan Limited (2.62 million) down by 3.16 %.