KSE-100 Index nosedives: BRIndex100 plummets

Pakistan Stock Exchange Wednesday nosedived due to panic selling following investor concerns over the geopolitical situation. BRIndex100 lost 86.28 points or 2.67 percent to close at 3,149.49 points. BRIndex100 touched intraday high of 3,237.01 and intraday low of 3,146.03 points. Volumes stood at 62.459 million shares.
BRIndex30 decreased by 472.43 points or 2.86 percent to close at 16,017.93 points with a turnover of 37.578 million shares.
The KSE-100 index declined by 723.22 points or 2.33 percent to close at 30,277.45 points. Daily trading volumes stood at 65.294 million shares as compared to 54.322 million shares traded Tuesday.
The market capitalization declined by Rs 119 billion to Rs 6.123 trillion. Out of total 326 active scrips, 249 closed in negative, only 58 in positive while the value of 19 stocks remained unchanged.
K-Electric was the volume leader with 4.598 million shares. However, it lost Re 0.07 to close at Rs 3.15 followed by Maple Leaf that decreased by Re 0.19 to close at Rs 16.99 with 4.396 million shares. Service Industries and Wah-Noble were the top gainers with Rs 17.00 and Rs 10.94, respectively to close at Rs 459.00 and Rs 252.00. Nestle Pakistan and Bata Pak were the top losers with Rs 171.59 and Rs 63.00, respectively to close at Rs 5,727.41 and Rs 1,237.01.
BR Automobile Assembler Index declined by 128.15 points or 2.52 percent to close at 4,958.02 points with total turnover of 534,940 shares.
BR Cement Index decreased by 59.66 points or 2.2 percent to close at 2,647.12 points with 11.937 million shares.
BR Commercial Banks Index plunged by 165.96 points or 2.23 percent to close at 7,278.13 points with 8.464 million shares.
BR Power Generation and Distribution Index fell by 118 points or 2.8 percent to close at 4,103.74 points with 7.319 million shares.
BR Oil and Gas Index closed at 3,450.30 points, down 132.7 points or 3.7 percent with 8.928 million shares.
BR Tech. & Comm. Index lost 16.88 points or 2.56 percent to close at 641.26 points with 4.688 million shares.
An analyst at Topline Securities said that uncertainty prevailed and the KSE-100 Index fell to almost 4.5 years low level. He said equities are continuously under pressure owing to prevailing uncertainty on the front of slowdown in global economic growth due to Sino-US trade war along with rising tensions between Indo-Pak (on Kashmir front) also weighed on investor sentiments.
United Bank Limited declared result of second quarter CY19, reporting consolidated EPS of Rs 4.19 up by 51 percent but still failed to entice investors as stock lost 4 percent of its worth and also depleted the KSE-100 Index by 55 points in the session.