karachi
Panic selling was seen on Wednesday in the equities due to non-stop foreign selling . At one point, 100-index was down 1,007 points (3.2 per cent). However, some pull back was seen later and market closed down 817 points or 2.6pc and closed at 31524.98 points level.
KSE 100-index has now lost 10.5pc (3,300 points) from its record high of 34,826 on February 3, 2015. There were speculations in market that foreign selling will continue, as a result, locals also started selling that created more impact on share prices.
Once again, ENGRO with highest traded volume fell by 4.7pc. Overall 39 stocks gained while 307 closed down. So far in 2015, foreigners have been net seller of $108m while local funds are net buyers of $84m, observed Samar Iqbal, VP Equity Sales Topline Securities.
Value traded yesterday of 208m shares stood at Rs11.7b/$117m as compared to128m shares worth of Rs8b/ $81m recorded a day earlier.
The market experienced a bloodbath to close at 31,525 points. The day was marked by frantic selling as at one point the market dipped by 1,006 points creating an intra- day low record. The recent trend of foreign selling continued as news came in of a sizeable foreign fund pulling its investment out of the equity market , commented analyst Arhum Ghous.
All significant sectors took the blow as frantic selling was seen in the cement sector with FCCL, MLCF, DGKC, CHCC and PIOC ending 3.1pc, 4.1pc, 2.7pc, 4.4pc and 4.4pc lower significantly. PAEL was the volume leader hitting its lower circuit. The oil and gas sector saw a steep fall on the back of the drop in Brent oil as PSO, SHEL, POL, OGDC all ended 2.8pc, 4.7pc, 3.4pc and 4.2pc lower.
Stocks battered amid foreign selling in oil, cement and fertilizer scrips after slump in global commodities. Foreign portfolio offloading across South East Asia triggered record fall in stocks as WTI crude oil plunged to a six-year low near $42/barrel. Rumors dominated the sentiments ignoring expected fall in SBP key policy rate and major patch up expected in political situation of Sindh province this week, stated analyst Ahsan Mehanti.
APP adds from Islamabad and Lahore: Islamabad Stock Exchange on Wednesday also witnessed bearish trend as the ISE 10-index was down by 129 points and closed at 3600.70 points. A total of 30,806 shares were traded, which were up by 24,106 shares when compared with previous day’s trading of 6700 shares.
Out of 159 companies, share prices of 19 companies recorded increase while share prices of 140 companies registered decrease where as no company remained stable in trading.
Lahore Stock Exchange here also witnessed bearish trend by loosing 163.34 points, with the LSE index closing at 5553.32 points. The market’s overall situation, however, corresponded to an upward trend as it remained at 1.403 million shares to close against previous turnover of 641,800 shares, showing an upward move of 762,100 shares. While, out of the total 80 active scrips, only 7 moved up, 33 shed values and 40 remained equal.