Market Wrap Meltdown! -1,300pts -4.5% KSE100 Index 28,071|High 29,380|Low 28,037|Change -1,309|Value USD81mn|Vol 163mn Pakistan equities ended the day with over 1,300 points sell-off as investors dumped holdings on rising political tensions. Stocks opened gap down and tumbled without any sign of support as investors panicked on fear of possible unrest during protests scheduled for 14th August and beyond. In absence of any positives from political front, most names tested new recent lows and hit or nearly traded at lower price limits. Buying from local banks and state funds with former being sellers during last month did generate volumes at lows as turnover exceeded USD80mn however benchmark KSE100 index failed to cover any of the losses earlier in the day and ended -4.5%. Days trade data is crucial to direction in short term as any surprise on activity from foreigners can swing mood either way. While market may continue to see choppiness ahead of 14th August, value hunt is likely to gain strength and we see volatile trading on primarily institutional activity in coming days. Courtesy: Elixir Securities.
Posted on: Tue, 12 Aug 2014 04:07:52 +0000
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