March 12, 2024 (MLN): The benchmark KSE-100 index plummeted 953.60 points or 1.45% to conclude Tuesday's trading session at 64,801.7.
The index traded in a range of 1,194.97 points showing an intraday high of 65,859.64 (+104.33) and a low of 64,664.67 (-1,090.64) points.
The total volume of the KSE-100 index was 126.991 million shares.
A market-wide sell-off was witnessed in today's session, with most of the stocks taking a beating.
Of the 100 index companies 80 closed down, and only 8 managed to close up. While 1 company’s stock remained unchanged, and 11 remained untraded.
The International Monetary Fund (IMF) mission is set to hold economic review discussions from March 14 for the final review of the Stand-By Arrangement (SBA), raising concerns regarding the stringent measures the IMF may require.
Market expectations for a rate cut have also likely diminished, dampening sentiments. For the first time in months, experts are divided on the appropriate action for the State Bank of Pakistan in the upcoming meeting.
Yesterday, Muhammad Aurangzeb assumed the role of Finance Minister, tasked with steering the country out of one of its worst crises in history.
Topline Securities Limited said Aurangzeb's appointment is a "better choice" given his decades of experience in the financial sector.
In today's session, KSE-100 index was let down by Oil & Gas Exploration Companies with 184.4, Inv. Banks / Inv. Cos. / Securities Cos. with 107.33, Cement with 77.63, Refinery with 67.85, and Fertilizer with 67.76 points.
On the flip-side, the only sectors that landed in the green zone were Leather & Tanneries with 3.62, and Miscellaneous with 2.82 points.
Companies that dragged the index lower were DAWH with 101.99, OGDC with 85.12, PPL with 73.31, HUBC with 40.49 and ENGRO with 40.28 points.
On the other hand, companies that added points to the index were PSEL with 7.43, NBP with 4.55, SRVI with 3.62, MCB with 1.53, and MEBL with 0.97 points.
In the broader market, the All-Share index closed at 43,088.26 with a net loss of 619.65 points.
Total market volume was 321.709 million shares compared to 548.765 from the previous session while traded value was recorded at Rs10.86 billion showing a decrease of Rs5.75bn.
There were 160,583 trades reported in 327 companies with 57 closing up, 253 closing down and 17 remaining unchanged.
| Company | Volume |
|---|---|
| HASCOL | 29,322,000 |
| PIAA | 28,898,000 |
| CNERGY | 25,500,737 |
| KOSM | 23,964,000 |
| AIRLINK | 18,280,574 |
| PTC | 18,051,998 |
| KEL | 14,363,496 |
| WTL | 14,005,744 |
| BAFL | 9,472,732 |
| TELE | 9,158,481 |
To note, the KSE-100 has gained 23,349 points or 56.33% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 2,351 points, equivalent to 3.76%.
Copyright Mettis Link News
Posted on:2024-03-12T14:22:00+05:00
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