The market closed down 540pts as the confrontation between PTI and the Government intensified closing just below 40000. Last closing below 40000 was on Sep 23 2016. Turnover was up 10pc at 384mln shares while value traded fell 4pc to Rs12.5bln. Weekly loss for the index so far this week comes to 1300pts, with roll over adding fuel to the fire.
Mainstream sectors edged lower with refiners and chemicals selectively taking heavier drubbing. NRL, PRL and BYCO closed almost 5pc lower while LINDE and AKZO also lost 5pc. Second tier stocks took a pounding too, many declining in double digit percentage terms.
Winners for the day were WYETH. SAPL, SAPT all up 5pc.
UPFL, BATA, PAKT, ATLH, PICT, TRIPF hit lower cap.
Active stocks TRG, SHEL, BOP, PIBTL, JSCL, ASTL, ISL all hit lower cap.
Quarterly earnings seasons delivered many announcements today. LUCK, ENGRO, OGDC, BAFL, KOHC delivered largely positive results but the market was in no mood to be supportive. Politics is likely to keep pressure on the exchange though bouts of bargain hunting at lower levels could offer support.
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