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KSE 100 sheds 96 points ahead of Eid holidays

Benchm­ark index drops 0.28% to settle at 33,836.61
TLTP
KARACHI
Pakistan Stock Exchange witnessed bearish trend on Thursday and the KSE-100 index shed 96 points (-0.28 percent) in a lacklustre session to close at 33,836 points with ne, as investors adopted a cautious stance on the last trading session before Eid-ul-Fitr.
Trading kicked off on a positive note; however, the uptrend could not be sustained due to sombre mood and weak investor sentiment. Amid cautious trading, investors resorted to profit-booking, which pulled the index down into negative territory. A buying spree towards the end helped recoup some of the losses.
The index hit intra-day high of +116 points and low of -175 points and closed at 33,836, down 96 points. Overall, trading volumes decreased to 147.2 million shares compared with Wednesday’s tally of 165.1 million. The value of shares traded during the day was Rs5.9 billion.
Shares of 340 companies were traded. At the end of the day, 135 stocks closed higher, 187 declined and 18 remained unchanged.
Overall, selling pressure was witnessed in banking and cement stocks where UBL (-0.2%), MCB (-0.6%), The Bank of Punjab (-1.5%), Bank Alfalah (-0.4%), DG Khan Cement (-2.7%), Maple Leaf Cement (-2%), Lucky Cement (-1%) and Fauji Cement (-0.6%) remained negative.
Moreover, Pakistan Petroleum (+0.2%), Oil and Gas Development Company (+1.2%) and Pakistan Oilfields (+0.8%) from the exploration and production sector went up compared to their previous day’s close as crude oil prices edged higher in the international market.
Arif Habib Limited, in its report, stated that the last trading day before the long weekend caused nervousness among investors as on the one hand international crude prices traded at higher levels, but local investors were wary of the gap due to Eid holidays.
“Oil and Gas Development Company went up early on but faced selling pressure and ended up in a narrow range,” it said. “The cement sector registered price losses due to selling pressure, which had been persistent for the past couple of sessions.”
The banking sector also fell prey to the selling pressure, especially in the wake of a recent notification by Moody’s for possible ratings downgrade of top banks.
The market will remain closed from Friday (May 22) to Wednesday (May 27) to mark Jummatul Wida and Eid-ul-Fitr.



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