The Pakistan Inventory Alternate ended Thursday’s buying and selling session on a detrimental observe, with the benchmark KSE-100 index dropping 362 factors, or -0.73 per cent, by the shut of buying and selling to achieve 49,392.44.
What had appeared to be a principally uneventful day ended dramatically as traders despatched the benchmark index in a 535-point freefall amidst panic promoting within the final half hour of the buying and selling session, earlier than a slight restoration restricted the day’s losses to 362 factors.
96.5m shares modified palms in Thursday buying and selling, with a complete value of Rs10.7 billion.
Shares of 394 corporations have been traded, of which 90 gained in worth, 285 declined and 19 remained unchanged.
Volumes have been led by:
Azgard 9: 12.4m shares traded [-4.62pc];
Lotte Chemical: 11.1m shares traded [-2.74pc];
Ok-Electrical Ltd: 10.5m shares traded [-2.72pc];
Pak Elektron: 9.89m shares traded [-1.55pc]; and
Byco Petroleum: 9.53m shares traded [-2..06pc].
“Lackluster exercise prevailed available in the market for [the] most a part of the day as volumes stood low and index repeatedly juggled between the optimistic and detrimental zone,” learn an analyst observe issued by JS World.
“Afterward, heavy promoting strain was noticed available in the market throughout the eleventh hour as traders got here in to dump their holding[s] eyeing political uncertainty and robust vigilance by the regulator (SECP) within the close to future,” it added.
“Revenue taking continued amid considerations for overseas outflows, increased inflation and rising round debt within the power sector,” mentioned Ahsan Mehanti, a inventory market analyst.
Mehanti mentioned banking shares noticed shopping for exercise on stories of rising banking spreads, however Pakistan’s surging commerce deficit amid falling exports and weak international oil costs invited promoting strain.