Market watch: Losing strain continues as KSE-100 falls to lowest in 6 months
Benchmark index dips 584.17 points to tighten during 46,858.56. PHOTO: FILE
KARACHI: The KSE 100-share Index continued to impetus downwards for a third true trade event on Friday and mislaid tighten to 600 points.
The marketplace non-stop certain with a arise of 73 points, though it unsuccessful to means a movement and started to descend. The index plunged roughly 700 points in intra-day trading, after that it staged a brief recovery.
At a finish of trading, a benchmark KSE 100-share Index available a tumble of 584.17 points or 1.23% to tighten during 46,858.56.
Elixir Securities, in a report, settled that Pakistan equities extended waste and sealed a final operative day of a week down another 1.2% on reported institutional selling.
Following a laterally opening, a bourse declined usually on lifeless activity with volumes in a wider marketplace being fewer than 150 million shares.
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“No evident certain triggers, prevalent domestic tragedy and sizeable net outflow of unfamiliar investors on Thursday limited a appearance of value-hunters and pushed important index names opposite vital sectors to deposit lower,” settled a report.
“Reports of serve unfamiliar offered due to FTSE rebalancing also dashed any hopes of liberation during a day and a benchmark index pennyless next a 47,000 support to settle nearby 46,800, a lowest in roughly 6 months.”
Habib Bank (HBL, -2.7%), Oil and Gas Development Company (OGDC, -3.6%) and Pakistan Petroleum (PPL, -3.9%) were a vital laggards while Lucky Cement (+0.5%) emerged as a tip gainer.
“[We] see flows stability to beam a marketplace despite on low volumes as prevalent domestic sound and arriving prolonged Eid holidays should be gripping many investors on a sidelines,” a news added.
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JS Global researcher Arhum Ghous pronounced a KSE-100 index sealed in a red section for a third uninterrupted day during 46,859, 584 points next a prior trade session.
“Negativity in a marketplace was due to sound in a domestic environment, disappearing unfamiliar banking pot and revoke wanton oil prices,” he said.
The marketplace lacked trade volumes with usually 130 million shares traded via a day as compared to 355 million in a prior trade day. The decrease in volumes came as Power Cement (right shares) finished to trade in a batch exchange.
Commercial banks led a marketplace in terms of volumes with approximately 35 million shares changing hands.
“Commercial bank heavyweights including HBL (-2.74%), United Bank (-1.49%), Allied Bank (-1.67%) and National Bank (-3.50%) cumulatively contributed -159 points to a KSE-100 index,” Ghous said.
Declining oil prices resulted in pointy declines in oil bonds among that OGDC (-3.55%), Pakistan Oilfields (-1.14%) and PPL (-3.91) contributed 138 disastrous points altogether.
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WorldCall Telecom (+10.25%) was a top traded batch for a day in that 12 million shares were traded.
“Moving forward, investors are endorsed to trade cautiously, revoke short-term positions on strength and wait clarity on prevalent domestic issues,” he added.
Overall, trade volumes fell to 129 million shares compared with Thursday’s total of 355 million.
Shares of 319 companies were traded. At a finish of a day, 98 bonds sealed aloft and 200 declined while 21 remained unchanged. The value of shares traded during a day was Rs7.5 billion.
The Bank of Punjab (R) was a volume personality with 18.6 million shares, losing Rs0.09 to tighten during Rs0.20. It was followed by WorldCall Telecom with 12.3 million shares, gaining Rs0.33 to tighten during Rs3.55 and K-Electric with 10.1 million shares, gaining Rs0.11 to tighten during Rs7.05.
Foreign institutional investors were net sellers of Rs1.049 billion during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.
Article source: https://tribune.com.pk/story/1437348/market-watch-losing-streak-continues-kse-100-falls-lowest-six-months/