Lahore   -  The KSE-100 index plunged by a whopping 143 points or 0.4 percent during the MSCI semi-annual review, where market made an intraday low of -299 points and intraday high of +298 points to close at 40,496 level.

On the news front, sudden devaluation of local currency against the US dollar was witnessed in interbank as the greenback hit an all-time high of Rs144 during intraday trading. However, this high was short lived as exchange rate came back down to Rs136 level. With regards to trading activity, traded value stood at US$178 million (up 403 percent DoD) while volume stood at 271 million (up 178 percent DoD). Furthermore, major contributions to total market volume came from UBL (-1.60 percent), BOP (+0.99 percent) and FCCL (-5 percent). Heavy volumes were witnessed in LUCK (-4.57 percent) and UBL (-1.60 percent) as both shares were downgraded from large cap to small cap in MSCI EM index, cumulatively contributing -90 points to the index.

The cement sector came under the hammering belt where LUCK (-4.57 percent), PIOC (-5 percent), KOHC (-5 percent), CHCC (-5 percent), MLCF (-5 percent) and FCCL (-5 percent) all closed at their respective lower lock, cumulatively contributing -121 points to the index. Mixed sentiments were witnessed in the banking sector where MCB (+3.96 percent) and BAHL (+2.37 percent) closed positive whereas HBL (-1.93 percent), UBL (-1.60 percent) and NBP (-1.16 percent) closed in the red zone. E&P sector closed higher than its previous day close on back of rupee devaluation where OGDC (+4.24 percent), PPL (+4.01 percent) and POL (+0.93 percent) closed in the green zone. Going forward, it is expected the market to depict a similar trend and recommend investors to see any downside in the market as an opportunity to buy in cement and banking sector.