Pakistan Stock Exchange falls 489.27 points

The index went through another politically hijacked session, the political uncertainty and the ensuing controversies have brought the index down to its knees. The market recovered from an intraday low of -813 points to close at (-489) 406111 points.

KEL turned out to be the major volume driver at the day end, as NEPRA announced its decision to decrease the tariff for the coming years. The decision has been hailed by the KEL management to be contrary to the company’s ability to operate at any profits.

Fertilizer, Cement and Oil & Gas Marketing Cos. Were the worst performing sectors of the day. DAWH -4.79%, EFERT -2.57%, FFBL -2.14% and ENGRO -1.39% took away major points from the index. Cement sector continues to post abysmal stock market trajectory, APCL -2.42%, BWCL -2.14%, DGKC -2.36%, KOHC -3.22% and PIOC -3.43% were the worst performing stocks among the sector.

Following cement closely were Oil & Gas marketing companies suffered major losses with a steep dip in the oil prices in international market. Oil fell below the $50 level as it  plunged after reports revealed a slipping commitment to output curbs by Saudi and Co.

KSE-100 Index at the day end lost a total of -489.27 points down by 1.19%, closing at 40610.72 points. Index Volume was 121.79 million shares, value of shares traded was PKR 5.477 billion with index low-high range of 40287.26 – 41112.27.

16 companies closed up, whereas 76 were down at the day end.