Karachi Stock Exchange again found itself in hot water as stocks continued to drop on Wednesday with KSE-100 index losing 328 points to close at 43,792.19. This marked the lowest level in the current fiscal year. The benchmark has lost 17% value since its peak on May 24.
KSE-100 index lost 1,093 points during the first two hours of trading, but found support over the 43,000-point level. In addition, the index managed to climb up 700 points during the mid-session from its intraday low, which prompted analysts to speculate that the market still has to find its bottom.
The participation improved as the volume increased 16% to 215 million shares from a day before. Major players that participated in the market are K-Electric, TRG Pakistan and Engro Polymer and Chemicals. The traded value increased 27% to PKR 12.6 billion from a day ago.
Moreover, top decliners include Lucky Cement that experienced a drop of 3.6%, Hub Power 3.3%, D.G. Khan Cement 5%, Engro Corporation 2.8%, and Sui Southern Gas Company 4.7%, shedding a total of 265 points from the index. On the other hand, Oil and Gas Development Company (OGDC) went up 4.4%, Fauji Fertilizers 5%, Habib Bank 2%, Pakistan Petroleum 3.1%, and Kot Addu Power 3.6%.
“Value-seekers found the opportunity to selectively buy names in exploration and production, fertilizer and banking sectors,” stated analysts at Intermarket Securities.