Market watch: Stocks drain as KSE-100 Index falls another 707 points
KARACHI: The batch marketplace witnessed on Tuesday another violent event as a index forsaken next 40,000 points amid a proportional arise in a domestic heat in a country.
Absence of certain triggers also contributed to a altogether bearish trend in a marketplace as heavyweight sectors were deprived of financier seductiveness and, resultantly, dragged a index down.
At close, a benchmark KSE 100-share Index purebred a thrust of 707.13 points or 1.75% to finish during 39,617.19.
According to Elixir Securities, Pakistan equities continued to drain amid turmoil on domestic front as heavyweight sectors dragged KSE-100 Index to 13-month low nearby 39,600 level.
“The marketplace carried a bearish movement and index names kept shifting during a day as domestic politics surfaced news and kept investors shaken while deficiency of evident triggers and finish of gain deteriorate resulted in reduce altogether activity and reduction assertive bids on system.
“The final one hour of trading, however, saw activity picking adult expected due to cherry picking and month-end rebalancing by institutional investors.
Market watch: Stocks thrust as domestic doubt dents financier sentiment
“We design debility in a marketplace to insist as triggers sojourn limited. The index shutting a month during a new low is also not assisting sentiments and warrants a discreet opinion in a near-term,” a news added.
Meanwhile, JS Research researcher Maaz Mulla pronounced a marketplace continued on a bearish trend, with a KSE-100 index plunging by 707 points (1.75%) to mangle a 40,000 barrier.
“The culprits remained a same, led by an capricious domestic environment, doubt on outmost account, deficiency of vital triggers (uninteresting corporate formula for a Sep quarter), that combined an atmosphere of panic selling.
“Volumes stood during 139 million shares, from 99 million shares traded yesterday while traded value increasing to Rs9.3 billion from Rs6.3 billion. PAEL (-3.56%) led volumes with 13million shares exchanging hands.
“Some of a vital laggards for a day were HBL (-2.83%), LUCK (-4.59%), ENGRO (-2.29%), MCB (-2.32%) and SNGP (-4.53%) that cumulatively contributed 243 points detriment to a benchmark index.
“On a zone level, banks led a decrease during a internal bourse where heavyweights HBL (-2.83%), NBP (-2.90%), UBL (-2.01%) were vital laggards. Cements continued on a downward arena where LUCK (-4.59%), CHCC (-5%), MLCF (-2.81%) and FCCL (-3.17%) sealed negative. MARI (+2.11%) from a EP zone announced a outcome for 1QFY18, where a association posted an EPS of Rs32.77 with no money payout.
Market watch: Bears browbeat a bourse as index closes in red again
“Moving forward, we design identical trend to continue unless clarity emerges on a domestic unfolding or certain triggers on a mercantile front column up. We suggest investors to sojourn discreet and sell on strength,” Mulla added.
Overall, trade volumes rose to 139 million shares compared with Monday’s total of 98 million.
Shares of 359 companies were traded. At a finish of a day, 76 bonds sealed higher, 269 declined while 14 remained unchanged. The value of shares traded during a day was Rs9.2 billion.
Pak Elektron was a volume personality with 13.13 million shares, losing Rs2.18 to tighten during Rs58.99. It was followed by K-Electric with 10.23 million shares, losing Rs0.17 to tighten during Rs5.54 and TRG Pak with 10.1 million shares, losing Rs1.69 to tighten during Rs32.35.
Foreign institutional investors were net sellers of Rs2.02 billion during a trade session, according to information gathered by a National Clearing Company of Pakistan Limited.
Article source: https://tribune.com.pk/story/1546153/2-market-watch-stocks-bleed-kse-100-index-falls-another-707-points/