ISMAR STOCK WATCH - BIGGEST WEEKLY DECLINE SINCE 2008-09 AFTER POLICY RATE CUT, KSE-100 INDEX DOWN 15% WOW.
Byline: Raees Uddin Khan
SUMMARY
Economists, industrialist and traders have termed the 75 basis points reduction in policy rate by SBP this week as 'nominal' and a 'joke' and not an appropriate response to deal with the coronavirus challenge and domestic ground realities. As such we saw 'blood bath' at the stock which triggered six 'market halts'. The KSE-100 Index lost 5,393 points to close at 30,667.41 on Friday. On Thursday, the KSE100 Index stoops as low as 28,453.05, which was the lowest level of March 2015. Over all during the week, market capitalization loss was Rs.888 million as market capitalization dropped to Rs.5,908 trillion. The average volume decline to Rs.239 million shares.
The foreigner remained the net seller worth $19.60m. The individuals turned out to be value buyers with $19.58m. Pakistan stock market witnessed a freefall after the opening of Monday session. PSX has to trigger 4th market halt due to panic selling on investors' concern over coronavirus spread. Stock market remained suspended for 45 minutes. The KSE-100 Index sustained a loss of 1,651 points at the time of market halt. Finally the market closed at 33,684.91 a loss of 2375.97.
A declining trend continued on Tuesday in PSX. PSX lost 10,667.98 points to close at 32,616.93. Stocks continued to bleed on COVID19 fears and on Wednesday recorded second worst-ever decline of 2,200.88 to close at 30,416.05. The PSX had its 5th market halt on 10.17 am to suspend trading for 45 minutes. On Thursday stock market had its 6th market halt at 9.37 am when market witnessed KSE100 Index dropped 1,562 points. Trading suspend for 45 points. Over all, the Index lost 1,964 points during the session reaching 28,452 points and rebounding to erase all the losses and reaching 100 points in green. Finally it closed at 30.129.83 shedding 286.22 points. On Friday stocks surge by 537.58 points on value buying to close the Index at 30,667.41.
PARTICIPANTS/ACTIVITY
On average shares of 353 companies were traded. Of these 82 were gainers and 250 were losers and 12 remained unchanged. Foreigners were net seller $19.6m during the week...
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