KSE-100 index of Pakistan Stock Exchange (PSX) closed low by 300 points on Wednesday on reports of Asad Umar’s portfolio alteration besides the global selling trend.
The index closed at 39,303 points as against 39,603 points showing a decrease of 300 points.
Analysts at Arif Habib Limited said that market went down as low as 883 points during the session, which was mainly caused by negative sentiments on Chinese support for Balance of Payment.
In the mid of trading equity market bounced back on reports of Asad Umar’s portfolio alteration or removal as finance minister.
In addition, INIL issued notification on exchange that SNGP has given procurement order that caused stock to hit upper circuit.
Buying activity was observed in blue chips in Cement, Steel, Banks and Fertilizer sectors.
Chemical sector saw larger volumes on Wednesday as compared to Cement and Banks, with most of the activity in LOTCHEM.
Sectors contributing to performance include Banks (-97 points), Cement (-42 points), E&P (-37 points), Power (-34 points), Food (-25 points), Engineering (+20 points).
Volumes decreased to 138 million shares from 196 million shares (-30 percent DoD).Average traded value also declined by 39 percent to reach $49.6 million as against $81 million.
Stocks that contributed significantly to the volumes include LOTCHEM, BOP, MLCF, KEL and PAEL reflecting 32 percent of total volumes.