Stock Market Position: Sharp Decline Recorded In KSE 100-Index – Research Snipers

Stock Market Position: Sharp Decline Recorded In KSE 100-Index

A sharp decline in KSE 100-index level was witnessed on Tuesday as it lost 1,389 points and the closed at 43,899 points by the end of the day.

As per the dealers, a fear of rupee devaluation and fragile external account numbers are the cause of concern for many investors.
332 points to index decline were contributed by 5 big names that are OGDC, ENGRO, HBL, MCB and HUBC going down by 3.9%, 4.3%, 2.4%, 4.3% & 3.6% respectively.

Also read: KSE 100 gained 18.18 points in index

One of the volume leaders, ISL, reported EPS of Rs7/share, up by 158%.

SSGS went down by 5% as the news about OGRA cutting rate for Sui Southern gas by Rs10 per unit circulated. ISL closed at -4.24%.  As oil prices went down for a second session,
E&P sector closed in the negative index.

The major losers were PPL, POL and OGDC with 2.93%, 2.04% and 3.95 decline respectively. From the OMC industry PSO, SSGC and SNGP had a bad day going down by 2.23%, 5% and 5% respectively. There was welcoming news for OMC sector that ECC is considering to raise the profit margins of OMCs investors via prices of petroleum prices.

Market participants said that MLCF (down 14%) from cement industry revealed material info that stated 12.50% right share issue at a price of Rs65/share for its grey clinker creation.
From banking sector BOP led volume as it had 12 million shares changing hands.