Market watch: KSE-100 plunges 758 points as election day approaches

KARACHI: The KSE-100 bore the brunt of heightened uncertainty during election week, plunging 758 points amid low volumes and absence of buying interest on Monday.

Trading began on a negative note as investors opted to stay on the sidelines as elections approach. Selling pressure continued to persist with the index finishing below 40,500 mark and almost erasing the gains of the previous week. Data, however, revealed foreigners were net buyers of close to $2.3 million worth of shares.

At close, the benchmark KSE 100-share Index recorded a decrease of 757.77 points or 1.84% to settle at 40,463.98.

Elixir Securities’ analyst Murtaza Jafar said equities further declined as investors preferred to remain on sidelines ahead of general elections on July 25, 2018.

“Retail names dominated the top ten volume charts as they collectively contributed around 43% of total trading activity. DGKC (PA -3.62%) managed to lead in volume charts.

KSE-100 ends with 951-point gain as volatility increases

“We expect trading activity to remain dull on Tuesday, as investors await the final outcome of the elections. A clear majority for any party can result in a relief rally towards the end of the week,” Jafar added.

Overall, trading volumes decreased to 109 million shares compared with Friday’s tally of 222.7 million. The value of shares traded during the day was Rs5.1 billion.

Shares of 322 companies were traded. At the end of the day, 69 stocks closed higher, 237 declined while 16 remained unchanged.

Pak International Bulk Terminal (R) was the volume leader with 10.8 million shares, losing Rs0.21 to close at Rs0.41. It was followed by K-Electric Limited with 7.6 million shares, losing Rs0.14 to close at Rs5.30 and Lotte Chemical with 5.4 million shares, losing Rs0.62 to close at Rs12.21.

Foreign institutional investors were net buyers of Rs292 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.

Benchmark index rises 2.19% to settle at 41,795.59 points

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