Stocks fall fearing Imran Khan attack backlash

• PSX went red after the attack on PTI chairman spurred agitation.
• Volume shrank 27 million to 298.094 million.
• The market tanked as soon as the bell rang.
  

KARACHI: Stocks on Friday opened with a negative gap that continued to widen the whole day on fears of the immediate agitational backlash of the armed attack on PTI Chairman Imran Khan.

The Pakistan Stock Exchange's (PSX) benchmark KSE-100 index lost 234.40 points or 0.56% to close at 41,856.31 points.

Topline Securities in a note said equities went red after the assassination bid on the PTI chairman spurred nationwide political agitation on Thursday. Khan survived the attack but was hit by four bullets.

Heightened investor interest in Dawood Hercules Corporation Limited, Fatima Fertiliser Company Limited, Habib Metro Bank, Pakistan Tobacco Company, and National Bank of Pakistan led to a gain of 45 points.

While Fauji Fertiliser Company, Habib Bank Limited, Oil and Gas Development Company, TRG Pakistan, and Abbot Laboratories together lost 153 points.

The PTI cohorts staged nationwide protests on Friday, a day after he survived an apparent assassination attempt, barricading roads in major cities amid sporadic clashes with riot police.

The PTI has warned the government to continue their protest until its demand for elections is not met.

Khan was shot in the leg on Thursday as he waved to crowds from a truck-mounted container from which he was leading a protest march in Islamabad, to press the government for early elections and the resignation of Prime Minister Shehbaz Sharif.

Trade volume shrank by 27 million to 298.094 million from 325.716 million shares, while value fell to Rs5.465 billion from Rs7.208 billion. WorldCall Telecom was the highest-traded stock of the day with a turnover of 73.160 million shares.

Out of 343 traded companies, 113 gained, 198 posted losses, 32 ended without a change.

Arif Habib Ltd in its market wrap said a negative session was observed at the PSX on Friday.

“Due to the ongoing political upheaval, the market tanked as soon as the bell rang and the downslide continue during both sessions,” the brokerage said.

It added the jitters caused investors to shy away from the equity market, drying up volumes across the board; however, third-tier equities continued to garner attention.

Sectors that dragged the index down were technology and communication (-55.4 points), cement (-55.8 points), commercial banks (-22.3 points), exploration and production (-23.7 points), and pharmaceuticals (-25.3 points).

Sui South Gas, Dewan Cement, Cnergyico PK, Faysal Bani, TPL Properties, Unity Foods Ltd, PTCL, and TRG Pak Ltd also added to the trade volume significantly.