Market watch: KSE-100 slumps over 1,600 points on jitters over domestic politics
Benchmark index has so distant forsaken around 8,000 points given attack rise in May. PHOTO: AFP/FILE
KARACHI: In something that is apropos a norm, a KSE 100-share Index continued to decrease for a fifth true event on Tuesday, plunging about 1,763 points in intra-day trading.
After a brief certain event in a initial hour, a index went on a continual downward trajectory, pushed by institutional offered and doubt in domestic politics since of ongoing record of a Joint Investigation Team in a Panama Papers case.
At a finish of trading, a benchmark KSE 100-share Index available a tumble of 1,678.90 points or 3.60% to tighten during 44,914.44.
Elixir Securities, in a report, settled that Pakistan equities tight as institutional offered in a wider marketplace dragged a benchmark index next 45,000 points.
“The market, after opening and trade in a certain domain for a brief period, skidded revoke on skinny volumes in a initial dual hours of trading. This was followed by pointy declines as institutional investors, essentially locals, incited assertive sellers in index names on rumours of vast redemptions and prevalent concerns over domestic politics,” settled a report.
Market watch: KSE-100 closes fourth uninterrupted event in a red
Notable blue chips opposite vital sectors sealed during or nearby their revoke cost boundary with vital hole entrance from Habib Bank (HBL, -4.9%), Oil and Gas Development Company (OGDC, -4.8%), MCB Bank (-5%), Engro Corp (-4%), Lucky Cement (-3.5%) and Pakistan Petroleum (PPL, -4.6%).
At Tuesday’s close, a KSE-100 index is now down approximately 15% or 8,000 points from a rise in May 2017 and 11.2% or 5,700 points post-MSCI Emerging Markets upgrade, Elixir said.
“[We] design a flighty marketplace to presumably see a rebound behind in remaining days of this brief week, though turnover and (real) seductiveness are approaching to urge usually after Eid holidays,” a news added.
JS Global researcher Arhum Ghous pronounced a bloodbath was witnessed during a Pakistan bourse since of assertive offered in a latter hours that dragged down a benchmark index by 1,679 points to 44,914.
Market watch: KSE-100 touches new rise with large gain
“Commercial banks led a decrease as zone heavyweights HBL (-4.9%) and MCB Bank (-5%) mislaid value to tighten during or nearby their revoke circuits. After gaining a few points on comment of financier interest, oil bonds declined as good after general wanton prices came down to around seven-month low,” pronounced Ghous.
OGDC (-4.8%), Pakistan Oilfields (-4.2%) and PPL (-4.6%) from a above zone cumulatively contributed -199 points to a KSE-100 index.
As a weave attention was watching a black day on Tuesday in criticism opposite what it pronounced were anti-industry policies of a government, Nishat Chunian (-5%) and Nishat Mills (-5%) strew value.
Trading volumes increasing to 295 million shares from 170 million shares a day ago as internal investors redeemed their positions.
“The marketplace is approaching to serve decrease in entrance days, therefore, we suggest investors to stay discreet during stream levels and revoke short-term land on strength,” he added.
Weekly review: KSE-100 ends during a lowest turn of 2017
Overall, trade volumes rose to 294 million shares compared with Monday’s total of 170 million.
Shares of 386 companies were traded. At a finish of a day, 25 bonds sealed aloft and 343 declined while 18 remained unchanged. The value of shares traded during a day was Rs9.1 billion.
The Bank of Punjab (R) was a volume personality with 47.7 million shares, losing Rs0.04 to tighten during Rs0.05. It was followed by K-Electric with 25 million shares, gaining Rs0.04 to tighten during Rs6.95 and Askari Bank with 13.9 million shares, losing Rs0.85 to tighten during Rs18.56.
Foreign institutional investors were net buyers of Rs241 million during a trade session, according to information gathered by a National Clearing Company of Pakistan Limited.
Article source: https://tribune.com.pk/story/1440504/market-watch-kse-100-slumps-1600-points-jitters-domestic-politics/