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Index sheds another 95 points in volatile trade

Index sheds another 95 points in volatile trade

KARACHI: Stocks remained volatile for the second day on Tuesday with the KSE-100 index oscillating between the intra-day high by 168 points and low by 155 points. However, on-balance the index closed down by 94.57 points (0.29 per cent) at 32,928.30.

Investors decided to take profit ahead of the holiday today (Wednesday).

Activity remained concentrated in small-cap stocks as K-Electric and Dewan Motors together contributed 21 million shares to the aggregate volume of 133m shares. Trading value increased to Rs6.35 billion. Foreign investors bought stocks worth $0.68m.

“The oscillating activity at the bourse was mainly a result of investors’ booking profits in major sectors namely; cement and steel,” commented dealers at Global Securities.

Additionally, lack of incentives for existing assemblers in the auto policy 2016-21 had its adverse effect on the index, with the big three taking a beating: INDU(down 4.02pc), HCAR(2.71pc) and PSMC (4.94pc).

The declining stocks included FFC (1.29pc), FCCL (1.7pc) and ABOT (2.81pc).

Select cement stocks were also in the red as investors fear influx of imported cement in the market. LUCK, MLCF and KOHC fell 0.4pc to 0.9pc.

Overnight recovery in crude prices were ignored by the investors and profit-taking was witnessed in the oil and gas sector as MARI, OGDC and PPL ended down 1.08pc, 0.01pc and 0.26pc, respectively.

“Similarly profit taking was witnessed in commercial banking, cement and fertiliser sectors,” noted analysts at a major stock brokerage.

Analyst Ahsan Mehanti at Arif Habib Corp stated that stocks closed lower post earnings season at PSX amid uncertainty in global equities and crude prices.

Courtesy : Dawn News



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