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Market watch: Amid JIT proceedings, KSE-100 index ends another event in red

  • June 15, 2017

Benchmark index dips 165.91 points to tighten during 47,442.73. PHOTO: INPBenchmark index dips 165.91 points to tighten during 47,442.73. PHOTO: INP

Benchmark index dips 165.91 points to tighten during 47,442.73. PHOTO: INP

KARACHI: The batch marketplace non-stop disastrous on Thursday, though recovered to burst over 450 points, attack an intra-day high of 48,000 points. However, following a primary minister’s coming before a corner review group (JIT), a index fell behind in a red zone.

At a finish of trading, a benchmark KSE 100-share Index available a tumble of 165.91 points or 0.35% to tighten during 47,442.73.

According to Elixir Securities, Pakistan equities sealed reduce after mid-day gains were wiped out by domestic sound as Prime Minister Nawaz Sharif seemed before Panama papers examine panel.

“The marketplace after a red open recovered and modernized in a immature section on a behind of gains, essentially by name industrial and consumer buffet plays that helped a index revisit 48,000,” settled a report.

KSE-100 ends positive, though after a rollercoaster ride

However, reported institutional offered afterward essentially in oil, financial and name concrete bonds dragged a index behind into a red zone.

Major hole came from United Bank (-3.3%), Lucky Cement (-2.9%), Oil and Gas Development Company (-1.6%) and Pakistan Petroleum (-1.6%).

On a flip side, consumer plays like Sui Northern Gas Pipelines (+2.7%), Pak Elektron (+3.8%) and International Steels (+2.8%) emerged as tip movers.

Meanwhile, K-Electric (+2.5%) snapped a new losing strain and sealed aloft after acknowledgment by Shanghai Electric of being committed to completing a merger deal.

“We see singular downside from stream levels, however, investors will sojourn discreet and lane developments on a domestic front in a nearby term,” a news added.

Market watch: Stocks stoop to profit-taking, index falls next 48,000

JS Global researcher Arhum Ghous pronounced in line with expectations a marketplace started on a disastrous note, attack an intra-day low of -239 points. However, during a day, a marketplace witnessed positivity and overwhelmed an intra-day high of +480 points, though offered vigour in a final hour of trade caused negativity.

Positive grant to a index came from Kohat Cement (+2.96%), Attock Refinery (+2.44%) and Pakistan Oilfields (+1.05%) as they cumulatively contributed 23 points to a index.

On a flipside, vital laggards enclosed United Bank (-3.27%), Lucky Cement (-2.93%) and Oil and Gas Development Company (-1.56%).

“Banking section heavyweights showed churned financier sentiments with United Bank shutting in a red section while Habib Bank (+0.46%), National Bank (+0.35%) and Allied Bank (+0.74%) sealed in a immature zone. Total grant from a banking section was -67 points to a KSE-100 index,” pronounced Ghous.

In a scrutiny and prolongation sector, Oil and Gas Development Company (-1.56%) and Pakistan Petroleum (-1.64%) mislaid value to tighten in a red zone.

Govt looks to damp investors amid bloodbath during batch market

Sazgar Engineering Works (+5%) in a automobile section sealed during a top circuit on a behind of news about trade of rickshaws to Japan, a researcher said.

K-Electric (+2.51%) was a volume personality for a day. Positivity in a batch came from a reaffirmation of merger seductiveness in a energy company.

“Moving forward, we suggest investors to stay discreet due to a domestic sourroundings and equivocate holding short-term positions,” he added.

Overall, trade volumes rose to 355 million shares compared with Wednesday’s total of 255 million.

Pakistani rickshaws make their approach into Japan

Shares of 350 companies were traded. At a finish of a day, 183 bonds sealed aloft and 147 declined while 20 remained unchanged. The value of shares traded during a day was Rs11.6 billion.

Power Cement (right shares) was a volume personality with 109.9 million shares, losing Rs0.15 to tighten during Rs0.06. It was followed by K-Electric with 37.9 million shares, gaining Rs0.17 to tighten during Rs6.94 and Engro Polymer with 22.1 million shares, gaining Rs0.20 to tighten during Rs39.07.

Foreign institutional investors were net sellers of Rs1.018 billion during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.

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