KARACHI: The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index droppedby over 1,000 points intraday.
Foreign investors, on the other hand, remained net buyers for the thirdconsecutive session on Wednesday with a net inflow of $3.28 million. Majorbuying was witnessed in the banking sector ($1.30 million).
The KSE-100 index opened the day at 38,046.34 but soon dropped over 1,000points to record its intraday low at 37,033.45. The index settled lower by936.37 points at 37,101.31. The KMI-30 Index lost 1,717.45 points to end at59,973.06, while the KSE All Share Index closed lower by 526.36 points at26,370.44. Out of the total traded shares, 66 advanced, 272 declined whilethe value of 214 remained unchanged.
The overall trading volumes declined by 29pc to 232.57 million. K-ElectricLimited (KEL -3.61pc), Pak Elektron Limited (PAEL -4.76pc) and TRG PakistanLimited (TRG -5.00pc) led the volume chart. The scripts had exchanged 12.13million, 10.32 million and 9.51 million shares, respectively.
Sectors that drove the index south included banking (-207.51 points),fertiliser (-113.84 points) and oil and gas exploration (-99.87 points).Among the companies, Hub Power Company Limited (HUBC -68.87 points), EngroCorporation Limited (ENGRO -58.72 points) and Lucky Cement Limited (LUCK-53.33 points) dented the index the most.
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The cement sector witnessed a decline of -3.89pc in its cumulative marketcapitalisation. D G Khan Cement Company Limited (DGKC -5.00pc) touched itslower lock, while Lucky Cement Limited (LUCK -4.62pc), Bestway CementLimited (BWCL -2.91pc) and Maple Leaf Cement Factory Limited (MLCF -4.88pc)also closed in the red zone.
In a notification to the exchange, Avanceon Limited (AVN -0.66pc) announcedthat the company has been awarded a contract for the up-gradation ofEmergency Shutdown (ESD) System at Lotte Chemical Pakistan Limited (LOTCHEM-2.48pc) plant situated at Port Qasim, Karachi.
