Market watch: Stocks event as investors destroy to lift bullish momentum
KARACHI: The batch marketplace strike a roadblock again on Thursday as investors unsuccessful to lift a movement generated in Wednesday’s event into a subsequent day.
Though a marketplace gained tighten to 500 points in intra-day trading, a convene subsided in a face of complicated profit-taking and domestic turbulence. This came notwithstanding cherry-picking of bonds by institutional investors opposite important index names.
At close, a benchmark KSE 100-share Index purebred an boost of 45.23 points or 0.11% to settle during 40,498.87.
According to Elixir Securities, Pakistan equities strike a stop after Wednesday’s pointy rebound and sealed small altered as midday gains that pushed a benchmark index aloft by 1% were roughly wiped out by profit-taking.
Market watch: Stocks theatre quip notwithstanding domestic noise, complicated unfamiliar selling
“Stocks struggled to find transparent instruction during a open and traded flighty on lifeless activity as politics surfaced a headlines and kept many participants during bay. Thereafter, oil bonds along with name important names opposite concrete and fertilizer sectors as good as sideboards posted medium gains on reported institutional interest,” Elixir said.
The index, however, could not means intra-day gains for prolonged and succumbed to profit-taking during highs. Barring oil stocks, all sectors finished a day lower.
Major support to a index came from Oil and Gas Development Company (OGDC, +4.5%) and Pakistan Petroleum (PPL, +4.8%) that cumulatively contributed 170 certain points.
Market watch: Stocks drain as KSE-100 Index falls another 707 points
“We see flighty trade tomorrow (Friday) with a index expected consolidating in a operation of 500 points and holding a 40,000 level,” a news added.
Overall, trade volumes fell to 116.5 million shares compared with Wednesday’s total of 116.6 million.
Shares of 364 companies were traded. At a finish of a day, 104 bonds sealed higher, 242 declined while 18 remained unchanged. The value of shares traded during a day was Rs6.7 billion.
Pak Elektron was a volume personality with 9.96 million shares, losing Rs2.60 to tighten during Rs56.12. It was followed by TRG Pak with 9.41 million shares, losing Rs1.54 to tighten during Rs31.66 and Azgard Nine with 7.92 million shares, losing Rs0.88 to tighten during Rs12.24.
Article source: https://tribune.com.pk/story/1548068/2-market-watch-stocks-stumble-investors-fail-carry-bullish-momentum/