KSE-100 plunges amidst political instability, loses 1298 points

Pakistan’s benchmark index plunged amidst political instability on Thursday as KSE 100 Index shredded more than 1,200 points as the market saw sustained selling pressure in the backdrop of the news of a second coronavirus lockdown.

The Pakistan Stock Exchange ended on a negative note, with the benchmark KSE 100 Index losing 1,298 points, or 3.15%, by the end of the trading session to reach 39,888.

374.8 million shares had changed hands by the end of the session, with a total worth of nearly Rs16.5 billion.

Stocks of 372 companies were traded, of which 50 gained in value, 315 declined and 7 remained unchanged.

Volumes were led by Unity Foods Ltd, with 60.5 million shares traded. Maple Leaf Cement Factory Ltd (MLCF), Pakistan International Bulk Terminal (PIBTL), Hascol and Fauji Cement Company Ltd (FCCL) closed out the top five symbols traded, with volumes of 39.1m, 38.6m, 34.4m and 26.4m, respectively.

Unity was down 1.17%, trading at Rs22.90; MLCF was down 0.84%, trading at Rs42.27; PIBTL was down 5.88%, trading at Rs12.48; Hascol was down 6.29%, trading at Rs14.89; while FCCL was down 2.08%, trading at Rs21.16.

A look at the day’s trading at the KSE 100 Index. Photo: Screengrab/PSX website

The market plunged as soon it opened on Thursday morning and saw continued selling pressure till 2:30pm when the KSE 1000 Index reached its lowest at 39,275. The market made a slight recovery and reached 39,970 at 3:04pm but the Index dipped again and ended the day at 39,888.

Stockbroker Zafar Moti, told Geo News, that the market saw its “biggest decline” of the current financial year. He added that the downfall was driven by the US elections, a slump in the global stock market and concern over the rising coronavirus cases.

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