Closing Bell: When the levee breaks
KARACHI: The KSE-100 index ended the trading session on Thursday with a 1,298.86 point or 3.15 percent decline to close at 39,888.
The benchmark index took cues from international markets, which sank after a meltdown in New York and Europe sparked by France reimposing a nationwide lockdown to battle a new wave of virus infections, with fears other major economies could follow suit.
The increase in the number of covid cases in Pakistan too played a major role in the performance of stock markets Thursday. Moreover, the government has ordered all restaurants, malls, and shops to shut down at 10 p.m., which is hinting towards another imminent lockdown.
The stock markets were also impacted by the financial results of various companies that were announced Thursday. OGDC, in particular, had a significant negative impact on the E&P sector after it announced a 14% decline in profitability to Rs 23.4 billion during the quarter ended September 30, 2020, from Rs 27.3 billion realized in 1QFY20.
The Index remained negative throughout the session touching an intraday low of 39,283.22
Of the 94 traded companies in the KSE100 Index 4 closed up 89 closed down, while 1 remained unchanged. Total volume traded for the index was 374.81 million shares.
Sector wise, the index was let down by Commercial Banks with 245 points, Oil & Gas Exploration Companies with 198 points, Fertilizer with 131 points, Cement with 105 points and Oil & Gas Marketing Companies with 98 points.
The most points taken off the index was by PPL which stripped the index of 67 points followed by ENGRO with 66 points, POL with 65 points, HUBC with 57 points and HBL with 56 points.
Sectors propping up the index were Tobacco with 6 points.
The most points added to the index was by PAKT with 12 points.
All Share Volume increased by 173.36 Million to 541.78 Million Shares. Market Cap decreased by Rs.209.65 Billion.
Total companies traded were 422 compared to 415 from the previous session. Of the scrips traded 47 closed up, 368 closed down while 7 remained unchanged.
Total trades increased by 37,616 to 175,930. - Mettis Link News