KARACHI: Red was splashed all across the stock market trading board on Thursday as the KSE-100 index plummeted 596.10 points (or 1.54 per cent) to settle at 38,224, lowest closing since the beginning of 2017.

Scepticism expressed by the National Assembly’s speaker relating to parliament completing its term resounded throughout the day and kept investors at bay. The speaker saying that a “greater plan was in the offing” unsettled the already nervous investors.

“The rupee looked pretty stable with parity seems to be settling near Rs110,” said analysts at Arif Habib Ltd. “Noise on politics was pretty much to blame for the day’s decline,” according to Elixir Securities.

There was a lot of hustle and bustle, with investors chattering in groups but showing little interest in trading.

The volume dipped 21pc over the previous day to two-digit 93 million shares.

Punters dabbled in second- and third-tier scrips that included TRG Pakistan, K-Electric, Pak Elektron, Dewan Cement and Dewan Motors, which contributed 32m shares and accounted for 34pc of the aggregate turnover.

The value declined 24pc to Rs4.10 billion. Foreign investors moved against the tide and purchased stocks worth $1.97m. Among local participants, the largest chunk of selling emerged from brokers’ proprietary accounts, amounting to $4.16m. According to Topline Securities, stocks that caused erosion of 150 points from the index included Hub Power, down 2.6pc, D.G. Khan Cement 5pc, MCB Bank 1.6pc, Pakistan State Oil 3.3pc and Engro Corporation 1.7pc.

Abbott Lab added 3.1pc, Indus Motor 1.7pc, Colgate-Palmolive 2.4pc, Shifa International Hospitals 3.9pc and Crescent Steel and Allied Products 5pc, contributing 32 points to the index.

Published in Dawn, December 15th, 2017