KSE 100 blood bathed over coronavirus fears

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Zubair Yaqoob

Karachi

Market bled a total of 1169pts during the session and closed 1105pts down from LDCP. Concerns from pending IMF Executive Board’s decision to developing and worsening situation at border with Iran due to Corona virus and decline in international crude oil prices caused panic among investors. Foreign investors have largely been sellers during the past couple of sessions due to possible de-tracking and reversal of rupee appreciation that the currency has realized so far since last quarter. Barring 48 scrips in green and 17 scrips unchanged, a total of 271 scrips on the Bourse saw decline across the board including E&P, Refineries, OMCs, Cement, Steel and Banking sectors being the prominent ones. O&GMCs topped the volumes with 18.3M shares, followed by Banks (17.4M) and Cement (17.1M). Among scrips, HASCOL realized volumes of 14.4M, followed by UNITY (11.5M) and KEL (10.6M).