KARACHI: Nothing short of a bloodbath, the PSX trading terminals were red across all the sectors as bears continued to rampage sending the KSE-100 index reeling down by 511 points (1.1 per cent) to settle at a rock bottom of 47,577 points.
According to BIPL Securities, the next initial support was 47,250 levels, which if breached would find the support down at 46,700 points.
Volumes surged 38pc over the earlier day to 185million shares on Wednesday while trading value increased 10pc to Rs8.9billion. Some bold and risk-takers heeded the old-time saying: “It’s time to buy, when there is blood on the street”.
Brunt of the blow was taken by banking stocks which took away 175 points from the index followed by the fertilizer sector which deprived index by 71pts, possibly on institutional selling.
Major index drags were HBL down 2.1pc, NBP 5pc, MCB 1.5pc, ENGRO 1.6pc, and TRG 4.7pc, eroding 186 points from the index.
Despite pressure in the market, E&P sector closed only marginally lower as crude oil prices rose by 1pc to trade comfortably above $51.50/bbl level. POL dropped 0.51pc, closed marginally lower whereas PPL gained 0.23pc and OGDC 0.29pc closed in green zone.
Courtesy : Dawn News