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Stocks flat after a positive start

Stocks flat after a positive start

KARACHI: Stocks closed flat on Thursday with the KSE-100 index recording a minor loss of 14.21 points (0.05 per cent) to settle at 30,751.80.

Tracking the recovery in the regional markets, the local bourse opened on a strong positive note and made an intra-day high by 263.16 points.

The rally, however, failed to sustain and the global markets succumbed to selling pressure as concerns over China’s health once again surfaced.

The dismal sentiments spilled over to the local bourse, causing intra-day gains to completely evaporate by day’s end.

Traded volume increased by 28pc to 136 million shares and traded value increased by 10pc to Rs7.7 billion.

Foreign investors sold shares worth $4.49m on Thursday, carrying the month-to-date sell-off to $40.28m.

Dealers at brokerage Intermarket Securities pointed out that the oil and gas exploration sector managed to stay afloat as international oil prices sustained their levels after touching a 12-year low.

The index was primarily supported by PPL (+2.29pc), HBL (+0.85pc) and POL (+4.95pc).

The day’s laggards were MCB (-1.25pc), UBL (-1.43pc) and Engro (-1.44pc).

“We expect KSE-100 index to continue testing 31,000 levels with regional performance and foreign flows likely giving direction to the market,” analysts said.

Analyst Ahmed Saeed Khan at JS Global stated that on the banking sector, UBL (-1.43pc) and MCB (-1.25pc) lost value, as cut off yield on Market Treasury Bill (MTB) auction declined in the auction held on Wednesday.

“Going forward, we expect the market to remain volatile and recommend investors to remain cautious,” analysts said.

Courtesy : Dawn News



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