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Index dropped by 136.01pts: KSE

Karachi: Stocks fell sharply on Thursday with the KSE-100 index plummeted by 136.01 points to 26,541.26.

Although for much of the day, shares traded in the green zone with the index at intra-day high at 26,860.06, representing upswing by 183 points, however, just at the tail end of the session, the index took a nosedive to finish deep in the red.

All of it was the result of swift fall in equity values of two heaviest weighted shares in the index: OGDC, which lost Rs6.11 and MCB Bank by Rs3.72. The two accounted for loss of over 120 points in the index.

The figures released by the NCCPL in the evening showed that the investors’ fear of heavy sell-off by foreigners was well founded. Foreign portfolio outflow on Thursday was recorded at $3.05 million. Local institutions and individuals, however, were net buyers.

Activity during the day remained about the same as a day ago with trading value of shares at Rs10.8 billion.

Major fall in global stocks, delays in privatisation of SOEs, pending OMC margin decisions, dismal trade deficit data for July-January 2013-14 and circular debt concerns in energy sector dampened investor sentiments.

PSO and Engro rallied ahead of the ECC meeting which was expected to decide on an increase in OMC dealer margins and approval of concessionary gas to the Engro’s fertiliser plant.

Faysal Bank gained 1.16pc, which was the most actively traded stock of the day with 19.4m shares changing hands.

 

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