PHOTO: FILE
The KSE-100 Index dipped over 175 points in the early session, as investors remained concerned about the ongoing sit-in in Islamabad and the current economic situation. However, share prices soared as investors bought at attractive valuations.
At close, the benchmark KSE 100-share Index registered a decrease of 17.80 points or 0.04% to settle at 40,248.41.
JS Global analyst Maaz Mulla said a rangebound session was witnessed at the local bourse as the KSE-100 index traded between an intraday high of +102 points and an intraday low of -183 points.
“Most of the selling pressure was witnessed during the first half of the day due to the last day of the rollover week, which pulled the market down to close at 40,248 level (-18 points),” Mulla observed.
KEL (-6%) led the market as 26 million shares of the power stock changed hands on back of the news that Nepra is to hear the reconsideration request filed by government of Pakistan for multi-year tariff of K-Electric on Dec 5, 2017.
Mixed sentiment was observed in the banking sector on anticipation of unchanged policy rate in the upcoming announcement of monetary policy. Key stock such as UBL (-1.81%), NBP (-0.80%) and HBL (-0.47%) closed in the red while BAFL (+0.25%) and FABL (+0.43%) closed in the green zone.
“Moving forward, we recommend investors to stay cautious at current levels where any upside can be considered as an opportunity to reduce short-term positions or book profits,” he added.
Overall, trading volumes stayed at 101 million shares compared with Thursday’s tally of 101 million.
Shares of 342 companies were traded. At the end of the day, 160 stocks closed higher, 168 declined while 14 remained unchanged. The value of shares traded during the day was Rs4.5 billion.
K-Electric was the volume leader with 25.9 million shares, gaining Rs0.34 to close at Rs6.01. It was followed by Azgard Nine with 9.5 million shares, gaining Rs0.48 to close at Rs15.32 and Bank of Punjab with 5.3 million shares, losing Rs0.06 to close at Rs8.26.
Foreign institutional investors were net sellers of Rs256.8 million during the trading session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, November 25th, 2017.
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