March 11, 2021 (MLN): The Benchmark KSE-100 index stumbled today as political uncertainty dented investors' sentiments to the extent that ushered the market to fall another 912 points and settled at 42,779 level.

Though FBR gave clarification on withdrawal of tax exemptions, the investors remained perturbed on anticipation of levy of additional taxes that made the leveraged investors closing their positions at market rates rather than meeting the margin requirements, a report by Arif Habib Limited cited.

In addition to this, tomorrow’s senate elections also had bearing on today’s session, where investors preferred staying away from the market than bearing the brunt from any surprise as was witnessed in the previous week.

Furthermore, strong concerns of a rate hike with rising inflationary pressures also kept investors’ sentiments in check.

According to Topline Securities, the domestic market has lost 3,058 points (or 6.7%) in the last four trading sessions. This is the highest 4-day losing streak after Mar 18, 2020, when the market fell sharply in fear of the Covid outbreak. Moreover, the index has touched 63 sessions low today.

The Index traded in a range of 1202.89 points or 2.75 percent of previous close, showing an intraday high of 43,892.31 and a low of 42,689.42.

Of the 96 traded companies in the KSE100 Index 10 closed up 83 closed down, while 3 remained unchanged. Total volume traded for the index was 196.93 million shares.

Sector wise, the index was let down by Commercial Banks with 139 points, Oil & Gas Exploration Companies with 118 points, Technology & Communication with 98 points, Textile Composite with 74 points and Cement with 70 points.

The most points taken off the index was by TRG which stripped the index of 105 points followed by OGDC with 68 points, LUCK with 40 points, HBL with 40 points and ENGRO with 34 points.

Sectors propping up the index were Insurance with 15 points and Paper & Board with 4 points.

The most points added to the index was by AICL which contributed 20 points followed by SYS with 10 points, MUREB with 6 points, PKGS with 4 points and FFBL with 4 points.

All Share Volume increased by 42.86 Million to 406.10 Million Shares. Market Cap decreased by Rs.184.41 Billion.

Total companies traded were 408 compared to 397 from the previous session. Of the scrips traded 47 closed up, 351 closed down while 10 remained unchanged.

Total trades decreased by 148,548 to 0.

Value Traded decreased by 3.43 Billion to Rs.17.71 Billion

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