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KARACHI: Pakistan Stock Exchange on Friday nosedived due to panic selling following investor concerns over prevailing political situation in the country.

The market opened on a negative note as the political unrest invited panic selling that forced the market to close in deep red.

The benchmark KSE-100 Index hit 42,987.86 points intraday low level and closed at 43,029.97 points with a net loss of 777.26 points or 1.77 percent.

Daily trading volumes on the ready counter increased to 180.438 million shares as compared to 148.505 million shares traded Thursday while total daily traded value on ready counter increased to Rs 6.392 billion from previous day’s Rs 2.995 billion.

BRIndex100 declined by 108.37 points or 2.48 percent to close at 4,260.69 points with total daily turnover of 155.838 million shares.

BRIndex30 plunged by 654.59 points or 4.22 percent to close at 14,875.01 points with total daily trading volumes of 98.671 million shares.

Foreign investors also remained on the selling side and withdrew $2.605 million from Pakistan equity market. Total market capitalization declined by Rs 130 billion to Rs 7.274 trillion. Out of total 335 active scrips, 256 closed in negative and 64 in positive while the value of 15 stocks remained unchanged.

WorldCall Telecom was the volume leader with 13.488 million shares however lost Rs 0.07 to close at Rs 1.50 followed by Ghani Global Holding declined by Rs 0.93 to close at Rs 14.14 with 10.053 million shares. K-Electric closed at Rs 2.92, down Rs 0.10 with 8.827 million shares.

Unilever Foods and Sapphire Fiber were the top gainers increasing by Rs 375.03 and Rs 58.74 respectively to close at Rs 21,875.03 and Rs 858.99 while Bata Pak and Mehmood Textile were the top losers declining by Rs 143.00 and Rs 58.91 respectively to close at Rs 2,125.00 and Rs 771.08.

An analyst at Arif Habib Limited said that bloodbath session was witnessed due to political unrest and devaluation of Pak rupee against dollar. In the first session, dull session was observed. In the second session, across the board selling was observed due to last working day of the week. Moreover, foreign activity was witnessed due to FTSE rebalancing. Sectors contributing to the performance include Banks (down 158.3 points), Technology (down 150.3 points), E&P (down 140.4 points), Cement (down 113.1 points) and OMC (down 54.3 points).

BR Automobile Assembler Index lost 58.56 points or 0.67 percent to close at 8,730.50 points with total turnover of 888,369 shares.

BR Cement Index declined by 153.58 points or 2.96 percent to close at 5,039.39 points with 14.153 million shares.

BR Commercial Banks Index decreased by 152.36 points or 1.54 percent to close at 9,721.05 points with 16.718 million shares.

BR Power Generation and Distribution Index fell by 98.22 points or 1.76 percent to close at 5,488.19 points with 13.261 million shares.

BR Oil and Gas Index plunged by 117.65 points or 3.07 percent to close at 3,711.94 points with 16.079 million shares.

BR Tech. & Comm. Index closed at 3,344.26 points, down 178.55 points or 5.07 percent with 38.441 million shares.

An analyst at Topline Securities said that pressure was observed in the market on last trading session of the week, which can largely be attributed to increase in political noise where few members of the ruling party have expressed that they may vote against the PM in the upcoming no confidence vote.

Apart from this FTSE rebalance (SNGP, KAPCO and FCCL are excluded from FTSE Small Cap Index) added further pressure in last hours of trading, as the index declined to settle at 43,030 level, down by 1.77 percent.

UBL, SYS, PPL, HBL and TRG led the decline in the market as they cumulatively weighed down on the index by 365 points.

Copyright Business Recorder, 2022

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