KSE-100 drops sharply by 2,206 points amid geopolitical tensions
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Investors are sitting in the hall of the Pakistan Stock Exchange in Karachi. — AFP/File
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KARACHI: The Pakistan Stock Exchange (PSX) increased the losses from yesterday and stopped pressure during the geographical political tension when India took forced measures against Pakistan after the terrorist attacks in occupied Kashmir.
The benchmark KSE-100 index fell 2,206.33 points, or 1.88 percent, at 115,019.82 points, lower than 117,226.15 points listed in the last session. The highest index of the day was 116.568.14 points, while the lowest level was recorded at 114,661.2 points.
Arif Habib Limited analyst Ahsan Mahani said investors’ sentiments were weakened after Pakistan’s fears of possible retaliation by India in response to India’s measures regarding occupation of the country.
He said that a weak rupee played a key role in destroying trade relations and increasing tensions between Pakistan and India, and played a key role in running the barrister on PSX. The KSE -30 index decreased by 691.27 points or 1.92 percent by 35,328.39 points to 35,328.39 points.
Trade shares fell 99 million shares to 605.175 million shares to 506.702 million shares. The commercial value dropped from Rs 24.488 billion to Rs 27.762 billion. Market Capital has been limited to Rs 14.1 trillion compared to Rs 14.34 trillion. Of the 456 companies operating in the session, 83 were closed in green, 339 in red and 34 changed.
Topline securities analyst Fazah Moula said the KSE 100 Index increased its previous day’s losses, under pressure throughout the session. The market was losed at the end of the Future Roll Over Week between India and Pakistan, the market took a clearly endangered tone.
Most of the negative partnership comes from Hub Sea, Engro, Mari, Bahl and UBL, which collectively shaved 605 points from the index.
Despite the background of the recession, trade activities led by PSO were traded by Rs 2.36 billion, followed by MLCF (Rs 2.06 billion), OGDC (Rs 1.78 billion), Marie (Rs 1.68 billion), and SNGP (RS1.63 billion).
The highest increase was recorded at Unilateral Pakistan Foods Limited, which increased by Rs 4449.98 to Rs 23,392.71 per share, followed by PIA holding company Limited B, which increased to Rs 263.83 to Rs 2,983.90. Rafan corn product company Limited noted a significant reduction, which was reduced by Rs 145 to Rs 8,800 per share. Nestlé Pakistan Limited followed it, which closed at Rs 6,998 per share to Rs 50.99. JS Global analyst Mohammad Hassan Ether said the stock has declined among the growing geographical political tensions, which gave rise to investors’ confidence. “The pressure of the sharp sales is with the fear of the over week and the weather of the results, which is forced to be careful,” he said. “In search of ahead, we expect uncertainty until clear policy signals and corporate income are revealed, and the measurement approach for risk management will be emphasized, while the volatility will be tolerated near the volatility. The investor is advised to change any market.
Power cement remained the volume leader with 37.316 million shares, which closed at a maximum of Rs 14.45 per share. The World Calle Telecom, with 31.229 million shares, followed it, closing 2 bucks for Rs 1.31 per share.
The other important business includes Sui South Gas, Kanaraziko PK, Aisha Steel Mill, Bo Punjab, Pak Refinery, K Electric Limited, Pak Int Bulk and Military Cement. In the futures market, 321 companies recorded trade, of which 21 increased and 300 declined.
