Uncertainty takes away 2481 points in two days, carnage on PSX

By the time markets closed on Tuesday, the index had tanked 2153 points, the largest ever single day decline. The decline of 4.65 percent is the largest decline since the fall of 2009 for KSE-100. This year, the markets have dipped by 7.4 percent since January making Pakistan the cheapest Stock Market in the region. The ongoing political instability and the uncertainty resulting from it has turned the tales of Stock Market upside down wiping out the stability boasted by the present government. Only yesterday (Tuesday), Rupees 403 billion were wiped off from shareholder’s wealth. Pakistan stock market fell 17% from its peak, 2-3% falls in share values could not be ruled out in near term in 2017.

The market continued on its path of losses, the market was down 1050 points at noon but started to move up slowly and gradually with a visible uncertainty.  

The markets are expected to suffer throughout until a final decision is reached by the Supreme Court. The decision has put the current government in a balance, which has refuted the report published by JIT as false and artificial. Although, full of damning conclusions against Nawaz Sharif and his family, the report’s relevancy to the ongoing case is being mulled over by many jurists. The decision and consequences thereof are yet to be seen in the coming few weeks.

But the markets, as experts argue, may have no respite as the future of the incumbent government seems quite uncertain in the present scenario.

Market shed a total of 328 points or a loss of 0.74%. The index touched an intra-day low of 43,027.15 points, a high of 44205.77 and closed at a tally of 43792.19 points.

The net gainers by price during today’s session were; Wyeth Pakistan WYETH +71.86, Island Textile Mills Limited ILTM +43.76, Sanofi-Aventis Pakistan SAPL +29.50, Colgate-Palmolive Pakistan COLG +26.00 and The Thal Industries Corporation TICL +20.55.

The net decliners by price during today’s session were; Rafhan Maize Products Limited RMPL -155.00, Hinopak Motors Limited HINO -63.29, Pak Suzuki Motor Company PSMC -35.11, Honda Atlas Car HCAR -34.24 and Mari Petroleum MARI -28.68. 

All Share Volume increased by 31 Million to 215.17 Million Shares.

Total companies traded were 346 compared to 367 from the previous session. Of the scrips traded 141 closed up, 192 closed down while 13 remained unchanged.

Total trades increased by 23,647 to 82,218.

Value Traded increased by 2.70 Billion to Rs.12.60 Billion

Top Ten by Volume

CompanyVolume
K-Electric19,924,000.00
The Resource Group14,766,500.00
Engro Polymer & Chemical Limited9,489,000.00
Sui Northern Gas Pipelines 8,316,300.00
Bank of Punjab7,301,500.00
Fauji Fertilizer Bin Qasim Limited7,124,000.00
Power Cement Limited6,576,500.00
D.G. Khan Cement Company6,179,400.00
Sui Southern Gas Company Limited5.543,500.00
Dewan Faroque Motors Limited5,352,500.00

 

Posted on: 2017-07-12T16:57:00+05:00