KSE – 100 loses 527 points

KSE – 100 lost more than 500 points during the day after rumors of removal of Finance Minister surfaced in the financial sectors. The situation was further worsened by the sit-in at the Federal capital of the country, Islamabad.

Dost Steel closed flat despite announcing it plans to start operation on its plant from mid-December. Furthermore, SAZEW shares closed on the upper lock after it announced it had entered with a Chinese Automobile company to setup a plant for producing four by four vehicles in the country.

Amreli Steel also closed flat as it announced that it is entering in an agreement with a Chinese company to setup a Transmission Line company in Pakistan. The scrip couldn’t benefit from the announcement as index’s tone throughout the day remained bearish.

Sector-wise all share index turnover was led by Technology & Communication (20 million), Engineering (12.73 million), and Textile Composite (8.60 million) stocks, and with Chemical (3.02 million) and Cement (2.78 million) stocks trailing at the bottom.

KSE-100 Index at the day end moved a total of -527.43 points down by 1.29%, closing in at 40316.93 points. Index Volume was at 44.34 million shares, value of shares traded was PKR 1.984 billion with index high-low range of 40910.17 – 40637.15.

The index movement was limited within the 663.04 points range.

8 companies closed up, whereas 79 were down at the day end.