KARACHI - Pakistan Stock Exchange (PSX) continued to bleed on third consecutive day as the benchmark 100-share index declined by 281 points and closed at 40,663 points. The index has lost 773 points during three consecutive sessions.
At opening, the KSE-100 carried previous day’s negative momentum. ENGRO only shed 2.2% after opening at lower circuit. Further, int’l oil prices shed $1.5 overnight as IEA lowered its demand forecast; subsequently pressure was witnessed in E&Ps.
Meanwhile, news of super tax imposition on banking sector resurfaced, denting investor sentiments and resultantly banks were down as well. Traded volumes declined by 35% while value was up 16% to $64.5m out of which ENGRO was 35%, stated dealer at Topline Securities.
Worst index point performers were HBL (down 1.6%), OGDC (2.4%), ENGRO (2.2%), MCB (2.4%) & PPL (1.1%), withholding 227 points while MARI (up 3.4%), PAKT (5%), COLG (4.9%), SNGP (1.3%) & BAHL (0.9%) added 64 points to the index.
On the sector front, commercial bank eroded 117 points, E&Ps took away 79 points and fertilizer shed 46 points; while on the other hand tabbaco, chemical, refinery and engineering cumulatively contributed 32 points.
Foreign were net sellers of $5.1m, selling was concentrated in banks ($2.8m), Fertilizer ($2.1m) & cement ($1.2m).
Market volumes were down by 36% DoD to 90m shares, whereas average value traded increased to USD 64m as compared to 55m on the last trading day (up 16% DoD) owed to higher activity in main board items.
