Stocks nosedive 723 points to hit four-year low

Published August 8, 2019
The markets yielded to the ongoing uncertainty on US-China trade war, geopolitical insecurity over the Kashmir issue. — AFP/File
The markets yielded to the ongoing uncertainty on US-China trade war, geopolitical insecurity over the Kashmir issue. — AFP/File

KARACHI: The KSE-100 index suffered a massive decline of 723 points (down 2.33 per cent) on Wednesday to revert the benchmark back to March 2015 level and close at 30,277.

The markets yielded to the ongoing uncertainty on the US-China trade war tensions along with the rising geopolitical insecurity over the Kashmir issue as the National Security Comm­ittee decided to downgrade diplomatic relations and review bilateral trade arrangements with India.

Moreover, on the domestic front, the National Accountability Bureau arrested former finance minister Miftah Ismail after the Islamabad High Court rejected his request to extend interim bail in the LNG import case.

The volume jumped up 20pc to 65 million shares from 54m while traded value edged up by 3pc to $17.4m, as against $16.8m the previous day. Stocks that contributed significantly included K-Electric, Maple Leaf Cement, Lotte Chemical, TRG Pakistan and Hascol Petroleum, which made up 27pc of total turnover.

Local sell-off clocked in at $0.46m as mutual funds sold equity worth $3.68m which was picked up by individuals that bought shares valued at $3m. However, foreign investors emerged as net buyers increasing their positions by $0.46m.

Sector-wise, commercial banks led the decline on the index as financials landed in red despite Habib and United Bank announcing financial results in line with market expectations.

Stocks that contributed negatively were Oil and Gas Development Company, losing 70 points, UBL 55 points, Hub Power Company five points, Pakistan Petroleum 51 points and Engro Corporation 45 points.

On the flip side, gainers were Dawood Hercules, adding nine points, Shifa Int. Hospitals five points, Kohinoor Textile Mills Ltd three points, Fauji Fertiliser Bin Qasim Ltd three points and Services Industries two points.

Published in Dawn, August 8th, 2019

Opinion

Intolerance grows
Updated 18 Oct 2021

Intolerance grows

Failure to pass the bill undermines the writ of the state, highlights its inability to guarantee citizens’ protection and freedom.
Moral panic
Updated 18 Oct 2021

Moral panic

If conflation of culture with religion is taken as true, there is mounting evidence that society has gone closer to such roots.
Challenges amid discord
Updated 18 Oct 2021

Challenges amid discord

Institutional disharmony and polarised politics are impeding efforts to address the country’s challenges.
Climate & youth
Updated 17 Oct 2021

Climate & youth

Disillusionment and anxiety are on the rise among youth as they confront the diminishing prospects of a better tomorrow.

Editorial

Financial troubles
Updated 18 Oct 2021

Financial troubles

Growing trade gap is fuelling the current account deficit and bringing the already meagre foreign exchange reserves under stress.
18 Oct 2021

Complaint portal

IN a ruling on Thursday, the Mingora bench of the Peshawar High Court held that the Prime Minister’s Performance...
18 Oct 2021

Capital’s master plan

IT is encouraging that on Thursday, the restructured commission formed by the federal cabinet to revise ...
Carnage in Kandahar
Updated 17 Oct 2021

Carnage in Kandahar

Pakistan’s anti-extremism policy is in many ways half-baked and inconsistent.
17 Oct 2021

Sanctity of contracts

PAKISTAN is facing yet another international dispute before the International Centre for Settlement of Investment...
17 Oct 2021

New sports policy

THIS week, the Pakistan Football Federation Normalisation Committee chief Haroon Malik was in Zurich to hold ...