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Index dips 452 points on Panamagate uncertainty

KARACHI: Investors’ dis­illu­sionment in stocks saw one of the worst days on the PSX where the KSE-100 succumbed to intense selling pressure that sent the index scurrying down to the bottom of the pit, a frightening intraday loss of 834 points.

Some value hunting by institutional players at lower levels enabled the index to recover partially and close in the red by 452 points (0.95 per cent) at 47,125.

Most market participants agree on one point that at the heart of the bloodbath is uncertainty over the outcome of the Panamagate case verdict. No one is eager to calculate the consequences of the verdict, either way. That may suit institutions, high net-worth individuals and stockbrokers who must be sitting on piles of cash waiting for stocks to drift down as low as they can, but the small investors with no holding power are already in ruins.

The volume increased by 23pc over last Friday to 154 million shares, while the trading value rose by 14pc to Rs8.2 billion. The increasing volume in a falling market is scarcely a thing to cheer. Against 289 losing scrips, there were only 71 gainers.

Maximum downside contribution emanated from HBL which dipped 1.8pc, ENGRO 3.4pc, FFC 3.8pc, LUCK 1.1pc and FCCL 3pc eroding 215 points.

Gainers were led by Nestle which rose by 3.7pc, POL 1.4pc, Hubco 0.7pc, NRL 2.6pc and UBL 0.4pc, adding 75 points to the index, stated traders at Topline Securities. “Engro was hitting fresh lows in today’s session after its subsidiaries dropped to trade at new lows — EFoods fell 2.94pc, EFERT 1.57pc, EPQL 2.39pc and AVN 3.88pc,” said analysts at Intermarket Securities.

Courtesy : Dawn News



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