Bear mauling at PSX enters fifth day with 300-point loss

KARACHI: The bears held their ground for the fifth day in a row at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index extended losses on Thursday.

The index closed in the red with a decrease of 300.36 points or 0.66%, to settle at 45,296.88 points.

Negative market activity was fuelled by a bearish spell in global equity markets coupled with falling international oil prices.

Moreover, constant currency devaluation and rollover week pressure helped the bears maintain their control.

KSE-100 intra-day curve
KSE-100 intra-day curve

The index shot up as soon as trading began, however, the optimism was short-lived as sellers staged a comeback at the bourse. The index fell at a steady pace throughout the day.

A report from Arif Habib Limited noted that the market saw a rebound early today with the index climbing 342 points, however, profit booking overtook and eventually converted into aggressive selling that eroded the gains made earlier with a drop of 514 points near the close.

“Technology, banks, exploration and production, oil and gas marketing companies, and refinery sectors got the most thrashing with a little bit of respite in cement sector,” it noted.

Sectors contributing to the performance included technology (-91 points), exploration and production (-52 points), banks (-39 points), fertiliser (-33 points) and refinery (-30 points).

Volumes declined from 583.7 million shares to 443.8 million shares (-24% day-on-day). The average traded value also declined by 29% to reach $73.3 million against $102.9 million a day earlier.

WorldCall Telecom was the volume leader with 89.1 million shares, losing Rs0.03 to close at Rs2.95. It was followed by Hum Network with 29.1 million shares, losing Rs0.25 to close at Rs6, and Telecard Limited with 23.4 million shares, losing Rs1.53 to close at Rs18.89.

During the session, shares of 514 listed companies were traded. At the end of the session, 143 stocks closed in the green, 349 in the red, and 22 remained unchanged.

Among these 514 companies, major gainers were Abbott Laboratories (+24 points), Engro Polymer and Chemicals (+13 points), Millat Tractors (+11 points), Hub Power Company (+10 points) and Habib Metropolitan Bank (+9 points).

Major losers were TRG Pakistan (-64 points), Pakistan Petroleum (-27 points), MCB (-27 points), System Limited (-27 points) and Oil and Gas Development Company (-26 points).