Given the negative market sentiment on the news of the Premier’s conviction, heavy selling was abound. - Reuters photo

KARACHI: The KSE-100 index had dropped by 50 points in the red, on news of the Prime Minister’s contempt of court case verdict.

Although the market had touched a high of almost 100 points, the index had gone into the negative after the news of the premier’s conviction.

Traded volume had reached over 150 million shares with a value slightly above 4 billion.

All of the top volume leaders in the market had been in the negative with regards to share price, except IGI Investment Bank which afforded a gain of Rs0.04 per share over volumes of 13.4 million shares.

The shares of Jahangir Siddiqui and Co dropped by Rs0.46 on traded volume of over 29 million. PTCL had dropped by Rs0.07 on a traded volume of 13.4 million shares. Fauji Cement & Lafarge Pakistan lost Rs0.05 and Rs0.15 per share on traded volumes of 7.4 million shares and 7 million shares respectively.

High gainers with significant volumes were Engro Foods, Fauji Fertilizer Bin Qasim, and Fauji Fertilizer which rose by Rs1.92, Rs1.30, and Rs1.19 on volumes of 3.8 million, 3.1 million and 2.7 million shares respectively.

Given the negative market sentiment on the news of the Premier’s case, heavy selling was witnessed with almost all sectors in the red zone overall.

However, the KSE-30 index was seen higher by 7.31 points and the KMI-30 index was seen higher by 61.58 points. The All-Share-Index was down by 35.85 points.