KSE-100 plunges by 611 points

Amanullah Khan

Karachi

KSE-100 Index plunged by 611 points due to panic selling on the back of heightening political noise pushing down the market activity leading to outflow of holdings on the opening trading session of the week on Tuesday. Apart from dismal performance of the market, there was a positive development that a high level delegation of Shanghai Clearing House (SHCH) China, comprising representatives from various departments, in the leadership of Ms. Zhou Rongfang, General Manager, visited for the first time National Clearing Company of Pakistan Limited (NCCPL). This first ever visit was aimed to develop bilateral coordination and exchange of information relating to the products and services offered by both the organizations.
NCCPL presented a detailed overview of the products and services offered to the Capital Market of Pakistan along with Corporate Structure & Governance, Risk Management, Operational and Financial highlights. SHCH presented an overview of their Systems and Risk Management. Both the delegates found it highly informative and agreed to continue the exchange of information and cooperation for mutual benefits.
NCCPL is the center of attention after the transfer of Risk Management function from PSX in May, 2016. NCCPL is acting as a Central Counter Party and performing comprehensive Risk Management for trades in the Capital Market of Pakistan and providing Capital Gain Tax computation, determination and collection services. The delegation met the CEO, Mr. Muhammad Lukman and other high level officials of NCCPL.
Meanwhile after a drop of 611 points in intra-day trading the index was closed in red at 48689 levels. Although the market rose to 49303 levels at one stage yet it subsided to 48689 levels.
Amid a dropped market volume of 198 million all shares, Pak Bulk Terminal was the volume leader of the day with a trade of 17 million shares to its credit. the other two volume leaders of the day were including Aisha Steel and Pak Elektron with trade volumes of 13 and 12 million shares to their credit espectively.
Meanwhile the international oil prices also fell on Monday to US$48.56/bbl after Libya’s National Oil Company said production has risen above 0.7 million bpd to its highest since December 2014, with plans to keep boosting production.
However, participants will look for API oil stocks data which will be released soon.

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