PSX Nosedives Amid Political Noise

Pakistan Stock Exchange (PSX) benchmark index, KSE-100 Index nosedived over 900 points after the National Accountability Bureau (NAB) arrest PML-N President, Shehbaz Sharif.

The KSE 100 Index stood at 40,740.95 points dropping by 960.28 points, showing a percentage change of negative 2.3 percent.

The Lahore High Court (LHC) rejected the interim bail of PML-N president Shahbaz Sharif in a money laundering case after which the NAB arrested Shahbaz Sharif.

The benchmark KSE-100 Index went down by 1,056.41 points during the closing hours, marking its intraday low at 40,644.82 points.

Overall, 407.17 million shares were traded today, while 282.06 million shares were traded in KSE-100. Shares of 382 companies were traded overall. At the end of the day, 56 closed higher, 315 declined and 11 remained unchanged.

The KSE 100 index started the week with a session under pressure with the index closing at 40,741 (down 960 points or -2.30%). The decline in the index was primarily attributable to the news reports of Shahbaz Shariff getting arrested coupled with concerns regarding the settlement of the future open interest (Rs. 8.6 billion).

Analyst reports say that major negative contributors to the index were Habib Bank Limited (HBL), MARI, Bank Al Habib (BAHL), ENGRO & HUBC who cumulatively dented the index by 241 points.

The volume leader for the day was HASCOL with 48.69 million shares traded.

Top Volumes

HASCOL 20.50 22.43 20.27 -1.41 48,688,500
TRG 53.03 55.4 52.4 .59 34,543,500
KEL 4.21 4.37 4.17 -.01 30,213,000
UNITY 17.45 18.2 17.25 -.51 21,245,000
BYCO 10.15 11.3 10.01 -.86 16,560,500
PIBTL 12.56 13.42 12.39 -.77 15,732,500
ASL 15.83 16.74 15.5 -.26 13,348,500

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