KSE loses 672 points on selling pressure

2920

Zubair Yaqoob

Karachi

Market stayed positive for a brief while earlier on Thursday and went +32pts, but after that selling pressure ensued causing a slide of 758pts and ending the session at -672pts. The index breached recent intra-day low of 32,350pts today and closed at a low of 32,310pts. Selling was observed across the board, and initially started with significant volumes in HBL.
Banking sector led the volumes table with 15.7M shares followed by Technology (11M) and Cement (10M). Scrip wise activity showed TRG ranking top with 8.5M shares, followed by KEL (7.3M) and HBL (4.6M).
Major declines were observed in OMCs, which saw significant declines in price, trading at and / or close to lower circuits. The Index closed at 32,310pts as against 32,982pts, showing a decline of 672pts (-2% DoD). Sectors contributing to the performance include Banks (-115pts), E&P (-101pts), Fertilizer (-100pts), O&GMCs (-58pts), Cement (-46pts).
Volumes declined further from 112mn shares to 86mn shares (-22% DoD).