PSX sheds 526 points, enters correction territory

Author: By Equities Correspondent

PSX picked up the sentiments from Asian and European markets as KSE 100 slid below the 38,000-mark intraday, while volumes fell slightly from the previous session.

The KSE 100 Index breached 38,000-mark and recorded its intraday low at 37,977.63. It settled lower by 526.69 points at 38,037.68. The KMI 30 Index was down by 1,049.49 points or -1.67pc to close at 61,690.51, while the KSE All Share Index depreciated by 330.13 points, ending at 26,896.80. Out of the total traded shares, 119 advanced and 211 declined.

The market was in correction mode as it preceded power-packed performance in the past several days. Of the 95 traded companies in the KSE 100 Index 24 closed up 70 closed down, while 1 remained unchanged. Total volume traded for the index was 186.50 million shares. The overall trading volumes declined by 15pc and were recorded at 327.64 million.

Sectors that pulled the KSE 100 Index lower included banking by 202.50 points, oil and gas exploration 112.58 points and cement 48.98 points. Among the companies, Habib Bank Limited), Engro Corporation Limited and Oil and Gas Development Company Limited dented the index the most.

The most points added to the index was by Fauji Fertilizer Company Limited which contributed 24 points followed by National Foods Limited with 10 points, THAL limited with 7 points, International Steels Limited with 7 points and AGP limited with 5 points.

Volume leaders in a volatile session turned out to be Worldcall Telecom followed by The Bank of Punjab and PakElektron Limited. The scripts had exchanged 28.33 million, 17.10 million and 15.08 million shares, respectively.

Meanwhile, the State Bank of Pakistan conducted an auction on Wednesday in which it sold Market Treasury Bills worth Rs 256.03 billion for 3, 6 and 12 months. Auction target was Rs 500.00 billion against a maturing amount of Rs 175.77 billion. Cut off yield for 3, 6 and 12 months were 13.5899, 13.2899 and 13.2499 percent. The 6 month cut off yield remained unchanged while the 3 and 12 month yields increased by 30 and 46 basis points.

Total amount offered was Rs 518.25 billion out of which the SBP accepted Rs 239.71 billion. The SBP received bids worth Rs 222.89 billion for 3 months, Rs 108.08 billion for 6 months and Rs 187.28 billion for 12 months out of which it accepted Rs 178.89 billion, Rs 15.54 billion and Rs 45.28 billion, respectively.