KARACHI: Panic-selling on the stock market on Wednesday resulted in steep fall of KSE-100 index by 654.78 points (1.59 per cent) to close at an 11-month low of 40,461 points.

As the political wrangling intensified in and out of parliament, so did investor scepticism over its early positive outcome. Specula­tions on what may have transpired at the Corps commander meeting made matters worse.

Investors’ worries gave way to fear resulting in second day of massive selling that saw the index sink to intraday low by 1,246 points to 39,918 points, representing the lowest level since Nov 1, 2016.

Market observers noted that until Wednesday, the index was down 13pc fiscal year-to-date, 15pc calendar year-to-date and 23pc from its May 25 intraday peak.

“However, buying in heavyweight stocks during the latter hours resulted in some recovery,” said analysts at JS Global.

The volume rose 59pc over the previous day to 192 million shares while the traded value also surged 42pc to Rs9.65 billion.

According to the National Clearing Company of Pakistan Ltd figures, some institutional buying was overwhelmed by selling of around $13m worth equities by insurance companies, brokers proprietary trading and foreigners, combined.

According to Topline Sec­u­­­rities, top 10 index point decliners were SNGP which went down 4.9pc, OGDC 2pc, ENGRO 2.2pc, DAWH 3.4pc, PSO 2.5pc, HBL 0.8pc, DGKC 3pc, ISL 4.9pc, EFERT 2.7pc and FCCL 4.3pc, taking away 268 points.

On the sector front; fertiliser shed 117 points, cement 110 points, OMC’s 83 points, banks 73 points and E&Ps 48 points. Other market participants noted that the gains were few and fractional. PSEL gained 4.64pc, UBL 0.66pc and POL 0.75pc, adding 42 points to the index.

Published in Dawn, October 5th, 2017

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

PAKISTAN has now registered 50 polio cases this year. We all saw it coming and yet there was nothing we could do to...
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...