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The Pakistan Stock Exchange ended Thursday’s trading session on a negative note, with the benchmark KSE-100 index losing 362 points, or -0.73 per cent, by the close of trading to reach 49,392.44.
What had seemed to be a mostly uneventful day ended dramatically as investors sent the benchmark index in a 535-point freefall amidst panic selling in the last half hour of the trading session, before a slight recovery limited the day’s losses to 362 points.
96.5m shares changed hands in Thursday trading, with a total worth of Rs10.7 billion.
Stocks of 394 companies were traded, of which 90 gained in value, 285 declined and 19 remained unchanged.
Volumes were led by:
Azgard Nine: 12.4m shares traded [-4.62pc];
Lotte Chemical: 11.1m shares traded [-2.74pc];
K-Electric Ltd: 10.5m shares traded [-2.72pc];
Pak Elektron: 9.89m shares traded [-1.55pc]; and
Byco Petroleum: 9.53m shares traded [-2..06pc].
"Lackluster activity prevailed in the market for [the] most part of the day as volumes stood low and index continuously juggled between the positive and negative zone," read an analyst note issued by JS Global.
"Later on, heavy selling pressure was observed in the market during the eleventh hour as investors came in to offload their holding[s] eyeing political uncertainty and strong vigilance by the regulator (SECP) in the near future," it added.
"Profit taking continued amid concerns for foreign outflows, higher inflation and rising circular debt in the energy sector," said Ahsan Mehanti, a stock market analyst.
Mehanti said banking stocks saw buying activity on reports of rising banking spreads, but Pakistan's surging trade deficit amid falling exports and weak global oil prices invited selling pressure.
