KSE-100 Index plummets by 650 points

October 26, 2022 (MLN): Following yesterday’s losing momentum, the capital market on Wednesday remained under huge selling pressure owing to political noise in the country.

Imran Khan Chairman of Pakistan Tehreek e Insaf on Tuesday announced that a long march towards Islamabad would commence from Friday which may create further political disturbance in the country.

Pakistan’s delicate economic situation cannot be subjected to such political upheaval judging from the market's strong response. Therefore, market participants went on a spree of sell-offs rather than rolling over their future positions, the post-closing note by Pearl Securities said.

Resultantly, the benchmark KSE-100 index lost 650 points to settle the index at 41,540.03, marking an intraday low of 41,490.13.

By the session’s end, the total volumes of the KSE-100 index stood at 107 million shares, compared to 72.23mn shares traded yesterday.

In terms of sectors, most of the negative contributions came from cement, technology & communication, oil & gas, and power generation which cumulatively subtract over 347 points from the index tally by the day’s end.

Out of 89 companies’ shares traded today 10 companies recorded gains and 78 companies sustained losses and 1 company’s share remained unchanged.

The scrips which gained the most during the session included: HGFA (18.94%), RMPL (7.49%), PSX (2.59%), and MEBL (1.59).

On the other hand, the stocks that emerged as net losers during the day included TRG (7.50%), MUREB (4.77%), GADT (3.97%), and NRL (3.85%).

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