Market watch: KSE-100 closes fourth uninterrupted event in a red
Benchmark index dips 265.22 points to tighten during 46,593.34. PHOTO: EXPRESS
KARACHI: The batch marketplace extended a waste on Monday as it continued to tumble for a fourth uninterrupted session.
After a certain open, a KSE 100-share Index modernized roughly 215 points to strike an intra-day high of 47,083 points. However, a positivity did not final prolonged as institutional profit-taking pushed a index down by over 540 points. Later, it done some recovery, though still sealed in a negative.
At a finish of trading, a benchmark KSE 100-share Index available a tumble of 265.22 points or 0.57% to tighten during 46,593.34.
Elixir Securities, in a report, staid that Pakistan equities forsaken serve streamer into a new week and a benchmark index slipped by as most as 0.6% and staid nearby 46,600 points.
“The marketplace non-stop and traded in a certain domain for a brief duration and afterwards drifted revoke on skinny activity, falling by over 540 points or 1.2% intra-day. Domestic politics as a PM faced investigations along with latest unfamiliar outflows were to censure as they dashed any hopes of liberation on weekend news of reconstruction of a precedence product by a regulator,” staid a report.
Weekly review: KSE-100 ends during a lowest turn of 2017
Major sectors including fertiliser, concrete and financial sealed revoke on reported institutional offered and no vital shopping seductiveness from sell and high net-worth people (HNWIs).
Oil stocks, however, garnered seductiveness in late trade and helped a marketplace prune waste as investors tracked a swell in tellurian wanton prices.
“[We] design flighty trade to continue with flows in index names remaining a pivotal to any probable liberation in a nearby term,” a news added.
JS Global researcher Arhum Ghous pronounced a marketplace non-stop on a certain note after a Securities and Exchange Commission of Pakistan (SECP) authorised brokers to account share purchase, though a positivity could not means as a KSE-100 index sealed in a red.
A flighty trend was witnessed in a marketplace as a index traded between an intra-day high of +225 points and an intra-day low of -546 points.
Market watch: Losing strain continues as KSE-100 falls to lowest in 6 months
“Lucky Cement (-1.12%) and Siddiqsons Tin Plate Limited (-4.50%) strew value as a State Bank of Pakistan suggested a sovereign supervision to make it imperative for plan developers to arrange financing from abroad during slightest homogeneous to a stream unfamiliar member of a plan cost, that is approaching to impact coal-fired projects of these companies,” pronounced Ghous.
Nishat Mills (+3.22%) from a weave section gained on a behind of proclamation of a appearance in a Select USA investment summit, pronounced a analyst.
The scrutiny and prolongation section gained since investors found stream valuations attractive. Oil and Gas Development Company (+1.63%), Pakistan Petroleum (+0.61%) and Pakistan Oilfields (+2.40%) sealed in a immature in a above sector.
Commercial banks showed churned sentiments as United Bank (+0.57%) and MCB Bank (+1.70%) sealed in a immature section while Habib Bank (-1.09%) and National Bank (-2.85%) sealed lower.
“We suggest investors to reason long-term positions and revoke short-term positions on strength,” he added.
Market watch: Amid JIT proceedings, KSE-100 index ends another event in red
Overall, trade volumes rose to 170 million shares compared with Friday’s total of 129 million.
Shares of 360 companies were traded. At a finish of a day, 110 bonds sealed aloft and 216 declined while 34 remained unchanged. The value of shares traded during a day was Rs9.1 billion.
WorldCall Telecom was a volume personality with 15.4 million shares, gaining Rs0.16 to tighten during Rs3.71. It was followed by K-Electric with 10.8 million shares, losing Rs0.13 to tighten during Rs6.92 and TRG Pakistan with 10.7 million shares, gaining Rs2.09 to tighten during Rs46.68.
Foreign institutional investors were net sellers of Rs460 million during a trade session, according to information gathered by a National Clearing Company of Pakistan Limited.
Article source: https://tribune.com.pk/story/1439630/market-watch-kse-100-closes-fourth-consecutive-session-red/