Regional sell-off keeps PSX under pressure KSE-100 Index sees bearish day closing lower by 394 points
Ghulam Raza Rajani
KARACHI: Market observed sheer bearish activities as index lowered by more than 1 per cent. Ongoing decline in regional exchanges took its toll on local market and forced it to start depressively. Chances of exclusion of major companies from MSCI emerging market indices showed its aftermaths on overall market. Massive selling from foreigners was another reason for overall market decline.
The benchmark KSE-100 index closed lower by 393.79 point to close at 38,398.30 points. KSE All Share Index decreased by 166.72 to end at 28,218.02, KSE 30- Index dipped by 237.87 points to conclude at 18,767.36, where- as KMI 30-Index declined by 812.76 points to finish the day at 65,253.72 level.
Murtaza Jafar at Elixir Securities said Inline with our initial view, KSE100 Index traded under pressure for the day while tracking losses in regional markets. K-Electric Limited KEL PA +5.14% led the volume charts today after media reports that Government of Pakistan is likely to issue NOC to Shangai Electric Power (SEP) for the purchase of 66.40% stake of power company from M/s Abraaj ahead of PM Khan's visit to China in Mid November. Lucky Cement Limited LUCK PA -4.52% closed on renewed selling pressure with 450k shares changing hands as estimates suggest that the company ( along with United Bank Limited UBL PA -1.52%) may be excluded from MSCI EM Index in its next Semi Annual review on November 13th. Our chartist eyes immediate support around 37,50037,700 levels, however any break below this area would unfold further downside till 34,600-35,500 level.
The advance to decline ratio in the broader market remained in favor of bear. Out of 356 scrips, 109 scrips advanced, 232 declined while the value of 15 scrips remained intact.
The ready market volume decreased by 32.47 per cent to 134.604 million shares as compared to 199.323 million