KARACHI: The stock market on Thursday fell like a house of cards as panicky investors started unloading their holdings after Russia launched an attack against Ukraine in the morning, which caused a surge in the global crude oil and commodity prices.
The PSX also came under intense selling pressure from the start of trading as equity markets around the globe also moved south.
As a result, the KSE-100 index plunged by 1,302.4 points or 2.89pc on a day-on-day basis to close at 43,830.51 points.
The trading volume increased 88pc to 350.1 million shares while the traded value also went up by 28.7pc to $49.6m on a day-on-day basis.
The stocks that contributed significantly to the turnover include Flying Cement Company Ltd (R), Worldcall Telecom Ltd, Hum Network, K-Electric and Cnergyico PK.
Sectors that took away the highest number of points from the benchmark index included commercial banks (261.84 points), cement (181.14 points), technology and communication (176.46 points), fertiliser (115.50 points) and oil and gas exploration companies(78.61 points).
Stocks contributing significantly to the traded volume included Bank of Punjab Ltd (13.62m shares), TeleCard Ltd (12.29m shares), WorldCall Telecom Ltd (11.55m shares), Maple Leaf Cement Factory Ltd (10.58m shares) and TPL Properties Ltd (9.42m shares).
Shares contributing negatively to the index included Habib Bank Ltd (88.62 points), Lucky Cement (83.04 points), System Ltd (79.25 points), TRG Pakistan (76.46 points) and Engro Corporation (52.46 points).
Stocks that contributed the maximum number of points included Standard Chartered Bank (Pakistan) Ltd (4.33 points), Indus Motor Company Ltd (1.17 points), Century Papers & Board Mills Ltd (0.78 points), EFU General Insurance Ltd (0.73 points) and Feroze1888 Mills Ltd (0.23 points).
Stocks recording the major declines in percentage terms on a day-on-day basis were Yousuf Weaving (9.85pc), Cnergyico Pak Ltd (9.49pc), Jahangir Siddiqui and Co Ltd (7.83pc), Azgard Nine Ltd(7.76pc) and TRG Pakistan (7.36pc).
Foreign investors were net sellers as they sold shares worth $2.4m. Top buyers were led by individuals who bought shares worth $2.9m followed by companies $2.8m and banks picked scrips worth $2.2m.
Published in Dawn, February 25th, 2022
