The KSE100 index fell 475 pts down 1.5pc on sharply increased turnover compared to yesterday by about 60pc. The index opened negative and then fell to over 600pts before closing towards the end at 475pts. Yesterdays rout in global equities increased already shaky investor confidence. International market instability has emerged as a major dampener to the KSE with fears of a sell off by foreign players hurting otherwise strong earning numbers at the local bourse. Going forward quarterly results could offer much needed support to stocks.
Top performers today were GHNI, GHNL, HINO FECTC, and TRIPF which were at upper caps. TRG was up 4.4pc.
PIBTL closed the day at its lower cap. Selling was evident in top cap stocks. ENGRO was down 2.5pc, DGKC 2pc, PAEL 3.5pc, SEARL almost 4pc, PPL almost 3pc, OGDC 3.5pc and SSGC 3pc. Together MCB, HBL and UBL contributed almost 120pts decline to the 100 Index but with low volumes. Neither of these three stocks figure in the top 30 volume stocks. Foreign participation numbers at the Exchange today and market movements abroad will give a cue for tomorrows trading.
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