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KARACHI: Pakistan Stock Exchange Thursday witnessed a bloodbath session as Russia launched military operation against Ukraine that ignited negative fear across the globe and led to triggered redemptions among the mutual fund industry.

The market opened in deep red and the index plunged in year’s lowest level due to panic selling from both local and foreign investors and a number of stocks dropped at their lowest circuit level.

Most of the stock market across the globe witnessed bearish trend with heavy losses while the oil prices in the international market crossed $100/barrel. The benchmark KSE-100 Index plunged by 1,302.41 points or 2.89 percent and closed at 43,830.51 points from Wednesday’s closing of 45,132.92 points. This was the worst single day decline in the current year. During the session, the KSE-100 Index hit 43,792.17 points intraday low level.

Due to heavy selling pressure, daily trading volumes on ready counter increased to 350.059 million shares as compared to 186.355 million shares traded on Wednesday while total traded value on the ready counter increased to Rs 8.752 billion against previous day’s Rs 6.802 billion.

BRIndex100 decreased by 163.39 points or 3.56 percent to close at 4,425.97 points with total daily turnover of 281.360 million shares.

BRIndex30 declined by 1096.98 points or 6.47 percent to close at 15,860.82 points with total daily trading volumes of 190.064 million shares. Foreign investors also remained net sellers of shares worth $2.409 million. Total market capitalization declined by Rs 204 billion to Rs 7.498 trillion. Out of total 377 active scrips, 317 closed in negative and only 36 in positive while the value of 24 stocks remained unchanged.

Flying Cement (R) was the volume leader with 38.422 million shares and gained Rs 0.36 to close at Rs 1.19 followed by WorldCall Telecom lost Rs 0.14 to close at Rs 1.68 with 33.137 million shares. Hum Network closed at Rs 6.66, down Rs 0.62 with 20.483 million shares.

Rafhan Maize and Bhanero Textile were the top gainers increasing by Rs 200.00 and Rs 74.00 respectively to close at Rs 10500.00 and Rs 1325.00 while Nestle Pakistan and Bata Pak were the top losers declining by Rs 200.00 and Rs 109.00, respectively to close at Rs 5400.00 and Rs 1990.00.

An analyst at Arif Habib Limited said that the market witnessed bloodbath session as Russia launched military operation against Ukraine that ignited the negative fear across the globe that led to triggered redemptions among the mutual fund industry.

Across the board selling was observed.

Sectors contributing to the performance include Banks (down 261.9 points), Cement (down 181.2 points), Technology (down 176.5 points), Fertilizer (down 115.5 points) and E&P (down 78.6 points).

BR Automobile Assembler Index lost by 157.14 points or 1.71 percent to close at 9,037.33 points with total turnover of 1.791 million shares.

BR Cement Index plunged by 252.09 points or 4.51 percent to close at 5,336.78 points with 25.056 million shares.

BR Commercial Banks Index declined by 252.01 points or 2.46 percent to close at 9,995.04 points with 25.624 million shares.

BR Power Generation and Distribution Index fell by 125.23 points or 2.13 percent to close at 5,757.66 points with 20.340 million shares.

BR Oil and Gas Index decreased by 85.29 points or 2.16 percent to close at 3,861.87 points with 14.321 million shares.

BR Tech. & Comm. Index closed at 3,274.29 points, down 225.34 points or 6.44 percent with 84.559 million shares.

An analyst at Topline Securities said that Pakistan equities witnessed blood bath as the benchmark KSE-100 Index settled at 43,831 level, down 2.89 percent.

Anticipation of “war of aggression” between Ukraine and Russia led the market to open sideways where market make an intraday low of 1,341 points. Major negativity in the trading session came from HBL, LUCK, SYS, TRG and ENGRO cumulatively dented the Index by 381 points.

Copyright Business Recorder, 2022

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