Political upheaval results in bloodbath at PSX

KARACHI: The Pakistan equity market observed a bloodbath session on Tuesday over renewed political noise keeping the investors’ confidence under pressure, who opted for profit-taking, analysts said.

An analyst at Arif Habib Limited said that the stocks witnessed a bloodbath session as the KSE-100 Index opened in the red zone owing to political instability and redemptions by the investors.

“The market plunged by 1,437 point during the intraday session, which resulted in investors staying aside and the market closing in the negative zone. Healthy volumes were recorded across the board, while the third-tier stocks remained volume leaders,” he added.

The Pakistan Stock Exchange KSE-100 shares Index shed 1,138.37 points, or 2.78 per cent, to close at 39,832.45 points. The KSE-30 shares Index shed 385.28 points, or 2.56 per cent, to close at 14,690.84 points.

As many as 341 scrips were active of which 37 advanced, 283 declined and 21 remained unchanged.

The ready market volumes stood at 265.28 million shares, compared with the turnover of 142.57 million shares in the last trading session.

An analyst Topline Securities said that the local bourse witnessed a bloodbath session where profit-taking was witnessed across the board. “The investors were worried over rising political uncertainty and deteriorating economic situation in Pakistan which led the market to close in the red zone.”

The companies which reflected the highest gains included Rafhan Maize up Rs190 to close at Rs8,355/share, and Bata (Pak) up Rs49.33 to close at Rs1,600.33/share.

The companies which reflected the most losses included Pak Services down Rs116 to close at Rs1,432/share, and Nestle Pakistan down Rs90.28 to close at Rs5,250/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 33.58 million shares. The scrip shed 6 paisas to close at Rs1.17/share, followed by K-Electric with a turnover of 19.97 million shares. It shed 17 paisas to close at Rs2.29/share. Hascol Petrol remained the third with a turnover of 12.52 million shares. It shed 83 paisas to close at Rs5.26/share.

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