PSX pummeled by panic selling: BRIndex100 bleeds

Pakistan Stock Exchange Thursday nosedived due to panic selling. The PSX had to trigger market halt for 45 minutes during intra-day trading for the second time this week.

BRIndex100 finally closed at 3,705.40 points, down 206.34 points or 5.27 percent. BRIndex100 touched intraday high of 3,883.28 and intraday low of 3,697.48 points. Volume stood at 215.643 million shares.

BRIndex30 declined by 1004.44 points or 5.25 percent to close at 18,127.63 points with a daily turnover of 176.103 million shares.

The KSE-100 Index plunged by 1,716.56 points or 4.56 percent to close at 35,956.69 points. Daily trading volumes on the ready counter increased to 230.698 million shares as compared to 217.634 million shares traded Wednesday.

Foreign investors remained net sellers of equities worth $3.5 million. The market capitalization declined by Rs 222 billion to Rs 6.805 trillion. Out of total 323 active scrips, 271 closed in negative, only 42 in positive while the value of 10 stocks remained unchanged.

Bank of Punjab was the volume leader with 28.009 million shares. However, it lost Re 0.74 to close at Rs 10.20 followed by Fauji Cement that declined by Rs 1.28 to close at Rs 17.19 with 17.410 million shares.

Philip Morris Pak and Pak Tobacco were the top gainers with Rs 137.02 and Rs 124.00, respectively to close at Rs 2,098.00 and Rs 1,924.00. Rafhan Maize and Bata Pak were the top losers with Rs 285.50 and Rs 111.84, respectively to close at Rs 6,812.50 and Rs 1,687.39.

BR Automobile Assembler Index shed 57.66 points or 1.0 percent to close at 5,723.44 points with total turnover of 1.333 million shares.

BR Cement Index declined by 303.98 points or 6.62 percent to close at 4,285.09 points with 69.478 million shares.

BR Commercial Banks Index plunged by 459.57 points or 5.16 percent to close at 8,453.09 points with 40.041 million shares.

BR Power Generation and Distribution Index decreased by 202.35 points or 4.14 percent to close at 4,686.04 points with 21.324 million shares.

BR Oil and Gas Index fell by 198.89 points or 5.45 percent to close at 3,448.22 points with 22.138 million shares.

BR Tech. & Comm. Index closed at 889.01 points, down 54 points or 5.73 percent with 17.553 million shares.

Maaz Mulla at JS Global Capital said that havoc was witnessed at the PSX, where market opened in the negative territory and the KSE-100 Index closed at 35,956 level, down 1,716 points.

Twice this week the market has halted for 45 minutes after it recorded a slump of over negative 1,777 points, or down 5.0 percent, in intraday trade.

Investors dumped shares, taking cue from plunging global stock markets on the back of the coronavirus being officially a pandemic and not just an outbreak, as per the World Health Organization.

Further panic was created by the continued decline in international oil prices. Major movers of the day were HBL (down 6.8 percent), ENGRO (down 6.2 percent), BAHL (down 6.6 percent), LUCK (down 6.8 percent), PPL (down 4.8 percent), HUBC (down 4.4 percent) and MCB (down 4.1 percent) which drove the market in the negative zone.

Cement sector came under a hammering, where DGKC (down 6.2 percent), LUCK (down 6.8 percent), PIOC (down 6.5 percent), MLCF (down 7.0 percent), CHCC (down 7.0 percent) and FCCL (down 6.9 percent) all closed near to their respective lower locks.

E&P and Banking stocks also lost ground amid market pressure, where PPL (down 4.8 percent), OGDC (down 5.0 percent), POL (down 5.8 percent), HBL (down 6.8 percent), UBL (down 3.2 percent), BOP (down 6.8 percent), MCB (down 4.1 percent) and BAHL (down 6.6 percent) were the major losers of the mentioned sectors.