Stocks bleed as index drops over 900 points in intra-day trading
KARACHI:
The Pakistan Stock Exchange (PSX) is yet to find a base to bounce back, as it continues its downward trajectory on the back of panic selling. The selling spree pushed the benchmark index near the 37,000-point threshold in intra-day trading on Friday.
As per the norm, the KSE-100 index traded in negative territory with volumes remaining low. Although, the index opened upward, it failed to maintain the trend and dropped over 900 points in intra-day trading.
“Institutions (insurance companies and mutual funds) have continued to sell and repurchase at lower level every passing moment,” Arif Habib Limited Head of Equity Sales Saad bin Ahmed told The Express Tribune.
At 15:35, the KSE-100 Index, a benchmark for market performance, was down 804.74 points or 2.13% to stand at around 37,048.83 points.
The index has downed 3%, or 1,142.51 points, in the last three days since Wednesday.
“The last half-an-hour trend suggests the market would partially recover in the second session (today), as buyers are available at every points of selling,” he said.
The rollercoaster is yet to settle at the PSX. “Trades are making cautious buying…buyers are there in the market at every point of sales,” he said.
Market watch: Lacklustre trading continues as index slips further
Since the institutional selling, particularly by the insurance firms, was unexpected at year-end closing these days, panic selling has continued to drag the benchmark index down.
Besides, this is the last day of the roll-over week in which traders either pay to settle debts or roll-over securities on future counters. This settlement has also invited selling pressure in the market.
Since the volume of roll-over was low at Rs4-4.5 billion this morning against usual at Rs12-12.5 billion so that the selling pressure coming from futures counters would easily settle in the second half, he said.
The market had also invited panic selling due to expected inclusion of some of the securities brokers’ name in the list of those 172 people to receive letter from the Federal Board of Revenue (FBR).
“Fortunately, no one broker is named among 172 recipients. So the selling pressure coming from this front has come to the end,” he said.
“If market maintains selling pressure, it could go down to 36,000 points level,” he said.
Banking and chemicals stocks top on selling list, while volumes are seen better than yesterday and the day before yesterday, he added.
https://tribune.com.pk/story/1876604/2-stocks-bleed-index-drops-800-points-intra-day-trading/
Naya Pakistan....wah re Imran Khan.
KARACHI:
The Pakistan Stock Exchange (PSX) is yet to find a base to bounce back, as it continues its downward trajectory on the back of panic selling. The selling spree pushed the benchmark index near the 37,000-point threshold in intra-day trading on Friday.
As per the norm, the KSE-100 index traded in negative territory with volumes remaining low. Although, the index opened upward, it failed to maintain the trend and dropped over 900 points in intra-day trading.
“Institutions (insurance companies and mutual funds) have continued to sell and repurchase at lower level every passing moment,” Arif Habib Limited Head of Equity Sales Saad bin Ahmed told The Express Tribune.
At 15:35, the KSE-100 Index, a benchmark for market performance, was down 804.74 points or 2.13% to stand at around 37,048.83 points.
The index has downed 3%, or 1,142.51 points, in the last three days since Wednesday.
“The last half-an-hour trend suggests the market would partially recover in the second session (today), as buyers are available at every points of selling,” he said.
The rollercoaster is yet to settle at the PSX. “Trades are making cautious buying…buyers are there in the market at every point of sales,” he said.
Market watch: Lacklustre trading continues as index slips further
Since the institutional selling, particularly by the insurance firms, was unexpected at year-end closing these days, panic selling has continued to drag the benchmark index down.
Besides, this is the last day of the roll-over week in which traders either pay to settle debts or roll-over securities on future counters. This settlement has also invited selling pressure in the market.
Since the volume of roll-over was low at Rs4-4.5 billion this morning against usual at Rs12-12.5 billion so that the selling pressure coming from futures counters would easily settle in the second half, he said.
The market had also invited panic selling due to expected inclusion of some of the securities brokers’ name in the list of those 172 people to receive letter from the Federal Board of Revenue (FBR).
“Fortunately, no one broker is named among 172 recipients. So the selling pressure coming from this front has come to the end,” he said.
“If market maintains selling pressure, it could go down to 36,000 points level,” he said.
Banking and chemicals stocks top on selling list, while volumes are seen better than yesterday and the day before yesterday, he added.
https://tribune.com.pk/story/1876604/2-stocks-bleed-index-drops-800-points-intra-day-trading/
Naya Pakistan....wah re Imran Khan.
