PSX takes a beat down, KSE-100 drops over 1,200 points

Pakistan Stock Exchange (PSX) on Thursday took a beating as the benchmark KSE 100 Index shredded more than 1,200 points, over selling pressure.

The PSX ended on a negative note, with the benchmark KSE-100 index losing 1298.42 points, or 3.15%, as the trading session closed at 39,888.44 points. Some 374,106,300 shares were traded with a value Rs 16.489 billion.

The bloodbath comes amid the rise of coronavirus cases in the country, the National Command and Control Centre (NCOC) has renewed SOP’s making it compulsory for all to wear a face mask when stepping out of their homes. It also made it compulsory for all shops, markets, and restaurants in 11 major cities, including Karachi, Lahore, and Islamabad, to shut down by 10pm.

Meanwhile, the international markets too are in a state of volatility due to upcoming US Presidential elections. European stocks and commodity markets struggled to stabilize on Thursday, after a return to national lockdowns in some of the region’s biggest economies triggered the most brutal global selloff in months.

Volumes were lead by Unity Foods Ltd, with 60,361,500 shares traded. Maple Leaf Cement Factory Ltd (MLCF) with 39.093 million shares, Pakistan International Bulk Terminal (PIBTL) with 38.60 million shares, Hascol, and Fauji Cement Company Ltd (FCCL) with 34.486 million and 26.403 million shares respectively.

Unity was down 0.17, trading at Rs23.00; MLCF was down 0.03, trading at Rs 42.60.70; PIBTL was down 40.87, trading at Rs 12.39; Hascol was down 1.05, trading at Rs 12.39 while FCCL was down 0.27, trading at Rs21.34.