HomeAsiaShares fall 661 points due to political turmoil

Shares fall 661 points due to political turmoil

Karachi: Pakistan Stock Exchange (PSX) witnessed another bloodbath on Wednesday amid political turmoil, with the benchmark index falling 661.30 points (1.51 per cent) to 43,221.78.

According to Topline Securities, selling on PSX continued as the market opened on a positive note and made an intraday high of 44,172 points (up 0.66 pc). Although controversy over appointment A top spy of the country’s premier intelligence agency created selling pressure and the index closed at 43,222 points.

Market share declined 12.3 percent to 354.9 million shares on a day-to-day basis.

Sectors that contributed negatively to the PSX’s performance were technology (184.51 points), cement (107.09 points), oil and gas exploration (65.86 points), banking (44.92 points), and food and personal care (39.2 points).

Shares that contributed significantly to the trading volume include Haskoll Petroleum (36.7 million shares), Worldcall Telecom Limited (28.86 million shares), Telecard Limited (17 million shares), Ghani Global Holdings (16.6 million shares) and TRG Pakistan Limited ( 16.26 million shares). .

Allied Bank Ltd. (16.40 points), Habib Bank Ltd. (16.07 points), Hub Power Company (15.53 points), Fauji Fertilizer Company (5.67 points) and Faisal Bank Ltd. (4.79 points) were among the positive contributors to the index.

The negative contributing stocks include TRG Pakistan (110.31 points), Systems Ltd. (63.43 points), United Bank Ltd. (41.29 points), Lucky Cement Ltd. (28.12 points) and Angro Corporation (24.30 points).

Coming to the major corporate announcements, Angro Fertilizers Ltd posted quarterly earnings of Rs 3.30 per share, down 37.37 per cent a year ago, along with a dividend of Rs 3.50 per share.

“Looking ahead, investors are advised to remain cautious and build portfolios only on major downsides keeping in mind the medium term horizon,” a note by JS Global said.

Published in Dawn, October 14, 2021

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