KARACHI - Bear-run continued at the Pakistan Stock Exchange on Tuesday as the KSE 100-share index shed another 903 points and closed at 41,116 points. It is market’s worst performance since 21st August, when KSE-100 officially plunged into bear market having shed 20% from peak (-22% now), brokers said.

The market observed a bloodbath given ousted Prime Minister became party chairman alongside protest from opposition parties against the Election Act 2017. Specifically, decline in cement prices in the Northern region (Rs 10-15/bag) resulted in brutal offloading in the cement sector.

Participants lined up in droves to sell whatever they could at whatever rates; volumes rose 39% while traded value was up 69%, dealers said,

Top 10 index point decliners were HBL (down 2.8%), LUCK (5%), ENGRO (3.9%), PPL (3.1%), SNGP (5%), OGDC (2.2%), DGKC (5%), FFC (2.4%), DAWH (3%) & FCCL (5%); withholding 458 points. Banks shed 160 points, fertilizer 155 points, E&Ps 90 points & OMCs 80 points.

Though selling was broad based, cements crumbled under relentless pressure, taking 189 points from KSE-100 index & losing 4.8% of their mkt. cap. Market was rife with rumors that the cartel-who-must-not-be-named is weakening as players north of the wall start to offer wider discounts as inventory builds. FYTD cement shed 32% while broader index shed 9%, underperforming by 23%, commented dealer at Topline Securities.

Traded daily volumes rose by 36% DoD to 121m shares. Likewise, average traded value clocked in at Rs6.7b/USD64m, up by 68% DoD.

Scrips of total 392 active companies were traded in the session of which 328 concluded in negative, only 51 in positive while 13 remained unchanged.

The five top traded companies were MLCF (7.9% of total volumes) closing at its lower circuit, TRG (5.6%) , KEL (5.6%), WTL (5.4%) and BOP (3.8%) contributing 28.4% to total volumes.

Market participants said political developments derailed the bourse yet again. Pakistan constitution was amended to allow disqualified politicians to lead political parties, creating major uproar amongst opposition. They expect similar bearish trend to continue unless any clarity over political scenario or positive triggers on the economic front.