Market watch: Index slips below 33,000

Benchmark KSE-100 index falls 94.57 points

KARACHI: Pakistan equities closed negative in a dull trading session as the benchmark KSE-100 index dropped below the 33,000-point mark after, at one point, touching 33,200 intra-day.

At close on Tuesday, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index fell 0.29% or 94.57 points to end at 32,928.30.



Elixir Securities analyst Ali Raza said stocks saw a positive start on the back of gains in index heavy Exploration and Production (E&Ps), however, could not sustain gains and skidded lower during the day.

“Major sectors including cements, fertilisers and financials closed lower as institutional interest remained minimal ahead of the holiday.

“Small and mid-cap plays also followed suit and traded lacklustre.

“Auto players namely Pak Suzuki Motors (PSMC PA -4.94%) and Indus Motors (INDU PA -4.02%) remained under pressure and traded near their lower price limits a while Dewan Farooque Motors (DFML PA) gained another 7% .



Trade volumes rose to 133 million shares compared with Friday’s tally of 123 million shares.

Shares of 326 companies were traded. At the end of the day, 100 stocks closed higher, 194 declined while 32 remained unchanged. The value of shares traded during the day was Rs6.3 billion.

K-Electric was the volume leader with 11.3 million shares, losing Rs0.09 to finish at Rs6.92. It was followed by Dewan Motors with 10.3 million shares, gaining Rs0.67 to close at Rs10.44 and the Bank of Punjab with 7.2 million shares, losing Rs0.19 to close at Rs8.94.

Foreign institutional investors were net buyers of Rs71 million worth of shares during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, March 23^rd, 2016.

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