KARACHI: Bears took over on Thursday as the KSE-100 index plummeted by 417 points (0.94 per cent) to close at 43,680. Volatility marked the session with the index moving between intraday high and low of 55 points and 466 points respectively.

The volume was down 9pc over the previous day to 246 million shares while the traded value declined 16pc to Rs9.5 billion. Bank of Punjab, Fauji Foods, Unity Foods, TRG Pakistan and Azgard Nine were the leaders, contributing 30pc to the total volume.

The lack of any positive trigger, fall in WTI prices to a six-week low at $61 and continuing sell-off in global markets were the key concerns for investors who decided to take profit in the event of more market weakness ahead. Investors’ sentiments also dampened over the assumption of heavy foreign outflows, which saw most heavyweights lose value.

Habib Bank was down 0.93pc, Oil and Gas Development Company 1.40pc, Pakistan Petroleum 2.69pc, United Bank 1.04pc, MCB Bank 2.41pc Lucky Cement 1.56pc and Hub Power 0.23pc. In the cement sector, Cherat Cement, decreasing by 5pc, closed on the lower circuit as the company announced its half-yearly results with earnings per share of Rs7.64 and a dividend of Rs1 per share while D. G. Khan Cement fell by 4.60pc.

Rumours were also rife about the break-up of price and production arrangements among cement companies, which saw Kohinoor Cement, shrinking by 3.60pc, Fauji Cement 2.97 and Maple Leaf Cement 2.89pc cumulatively erasing 65 points.

Stocks that swam against the tide included National Bank, up 3pc, Engro Corp­oration 1pc, Engro Fert­ilisers 1.8pc, Sui Northern Gas 1.6pc and Murree Brewery 5pc totalling 64 points.

Fertiliser sector led the gainers as Engro Fertilisers posted robust results and payout, adding 45 points, followed by Pharma sector contributing 43 points to the index. On the corporate front, Unity Foods announced commencing of operations of edible oil refinery that sent its stock price to hit upper limit.

Published in Dawn, February 9th, 2018