Karachi: Sell-off in equities intensified at the stock market on Thursday after some of the major scrips from the oil, fertilizer and banking sectors crumbled following disappointing earnings announcements for the quarter ended June 30, 2018.

The KSE-100 Index plunged 485.76 points (1.14 per cent) to close at 41,960.80.

Already devoid of market related triggers, the dismal earnings unveiled by big-cap stocks, sent shares reeling to its intra-day low at 696 points. Later in the day, the Index managed to regain some of the lost ground as interest from local funds helped revive select stocks.

The Pakistan Stock Exchange (PSX) also tracked the regional peers where Asian markets declined on the back of worries over global growth with economic slowdown in China. The election of speakers and deputy speakers at the National and Provincial Assemblies could not garner much interest from investors who remain worried over depressing economic outlook and scarce measures to tackle the problems. State Bank reports highlighted that Pakistan’s total debt and liabilities have grown to Rs29.91trillion.

Banks, Cement, Fertilizer and Oil & Gas Marketing sectors cumulatively drained 156 points from the index. Among laggards, HBL was down 3.0pc, Pakistan Petroleum 0.2pc, Engro Corporation 2.4pc, OGDC 0.7pc, MCB 1.3pc, UBL 1.2pc, Lucky Cement 1.8pc and Fauji Fertilizer 0.2pc cumulatively took away 213 points from the index. Amongst gainers, Hub Power was up 0.82pc and Pakistan Oilfields 0.59pc adding 20 points. In the cements sector, declining issues were led by D.G. Khan 4.5pc, Maple Leaf 4.1pc and Pioneer Cement 4.4pc.

Moving forward, analysts expect the market to remain volatile and choppy with flows from local and foreign institutions directing the market. Foreigners sold equity worth of $1.2 million (net) on Thursday.

Meanwhile, PSX announced that the market would remain closed from Tuesday Aug 21 to Thursday Aug 23 on account of Eid holidays.

Published in Dawn, August 17th, 2018