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Stocks lose 30 points on selling pressure

Stocks lose 30 points on selling pressure

KARACHI: Stocks closed lower for the third day in a row as the KSE-100 index shed 30.35 points on Tuesday to settle at 33,729.62.

Market remained in search of a direction as the index moved in a narrow band of 200 points.

Volumes rose by 54pc to 241.4 million shares while value increased by 21pc to Rs8.8 billion.

“Global crude prices recovered from the fall which aided in recovery of oil stocks,” said dealers at Topline Securities. OGDC, POL and PPL rose by 1pc to 3.6pc.

MCB (down 0.8pc) and EFOODS (up 0.6pc) announced 1Q2016 results.

Analysts at Intermarket Securities pointed out that the global stocks climbed to a four-month high as a rebound in oil prices improved investor sentiment.

E&P sector also managed to close in the green.

SNGP and SSGC traded with heavy volumes (cumulative turnover of more than 21m shares) along with price performance as the Ogra has given a go ahead to SNGP to collect Rs43bn for LNG pipeline projects.

Analyst Ahsan Mehanti at Arif Habib Corp commented that the stocks closed lower amid pressure in cement, banking and textile scrips on rising political noise and dismal earnings in the banking sector.

Foreign outflows and weak earnings outlook in banking and textile stocks played a major role in bearish close ignoring recovery in global equities.

“In line with regional markets, local bourse opened on an optimistic note with a positive change of 127 points but soon after touching the day high, index succumbed to selling pressure as it found strong resistance at 33,900-level,” said analysts at Gobal Securities.

Courtesy : Dawn News



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