Marked volatility observed at the PSX

 
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ISLAMABAD July 28 (TNS): Right after the Panamagate verdict, marked volatility was observed at the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 Index plunging sharply twice before inviting support from investors.

In the first session of trading on Friday, after falling 719 points the index saw another sharp fall in the opening moments of the second session. However, investors soon started buying intensely into the oversold market, helping the index recover to above the 45,500 mark at the time this report was filed.

Analysts said the possibility of the prime minister’s ouster had already been priced into the market, explaining the support on selling pressure.

Over 125 million shares worth over Rs12.69 billion had been traded by 3:30pm — the highest volume witnessed since June 21, and multiples higher than the day earlier. The market has yet to close.

Engineering and cement stocks invited the most activity, with banks and oil and gas marketing companies following. Chemicals rounded off the top five.

Of the total 335 companies traded, 150 had advanced while 171 declined and 14 remained unchanged as of the filing of this report.

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