KARACHI: Pakistan stocks further decreased 0.5 percent Friday amid panic selling to seven year low, traders said.
Muhammad Sohail at Topline tweeted on the closure of the market on Friday saying it reached to the lowest of seven years, “Todays volume at Pakistan Stock Exchange was at 7 year low.”
— Mohammed Sohail (@sohailkarachi) May 10, 2019
Analyst Ahsan Mehanti at Arif Habib Corp said Bearish activity witnessed at PSX on economic uncertainty after National Account Committee affirmed economic setback expecting growth rate at 3.3pc in FY19.
“Auto and banking stocks outperformed on speculations in the pre-budget session,” he said. “Dismal data on gas production falling by 5pc in April’19, projections for 6.5-7pc fiscal deficit to GDP, and expected tightening in SBP policy rates played a catalyst role in bearish close.”
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index decreased 171.11 points or 0.49 percent to 34,716.53 points against 34,887.64 points recorded in the last session. The highest index of the day remained at 34,887.64 points while the lowest level of the day was recorded at 34,646.78 points.
KSE-30 Index also decreased 106.86 points or 0.65 percent to 16,386.66 points.
Turnover decreased by 39 million shares to 39.28 million shares from 78.09 million shares. Trading value dropped to Rs1.75 billion from Rs3.72 billion while market capital narrowed to Rs7.12 trillion from Rs7.14 trillion. Out of 288 companies’ active in the session, 77 closed in green, 189 in red while 22 remained unchanged.
Highest increase was recorded in shares of Nestle Pakistan XD, which rose Rs357.50 to Rs7,570 per share, followed by Island Textile that increased Rs99.60 to Rs2,091.60 per share. Major decline was noted in shares of Colgate Palmolive, which fell Rs109.81 to Rs2,086.54 per share, followed by Wyeth Pak Ltd XD that decreased Rs39.51 to Rs768 per share.
Significant turnover was recorded in stocks of K-Electric Ltd, Maple Leaf Cement, The Searle Co, Lotte Chemical, Unity Foods Ltd, Sui Northern Gas Pipelines Ltd, Hub Power (R), Pak Int Bulk, Fauji Foods Ltd and Dolmen City XD.
Shares’ turnover in the future contracts decreased to 14.03 million shares from 27.12 million in the previous session.