Market watch: Foreigners offload as KSE-100 decreases 236 points
Benchmark index decreases 0.55% to finish trading at 42,536.16
Benchmark index decreases 0.55% to finish trading at 42,536.16. PHOTO: AFP
KARACHI:
A three-day positive streak came to an end as the KSE-100 ended in the red with institutional selling dragging the index near the 42,500 level on Thursday.
Stocks opened marginally positive, gaining 66 points before selling pressure took over and dragged the index lower. Investors remained cautious as they awaited announcement of the monetary policy, due to be announced on Friday. Matters on the political front pertaining to the caretaker setup also kept the market under pressure. Index-heavy stocks; E&Ps, automobiles, cements and fertilisers led the decline.
At close, the benchmark KSE 100-share recorded a decrease of 236.09 points or 0.55% to settle at 42,536.16.
Elixir Securities' analyst Zainul Abedin said equities closed in the red with the market trading in a range-bound fashion before institutional selling in the last two hours dragged stocks down.
Market watch: KSE-100 ends with trimmed gains
"Cements were among the major decliners as investors eyed the ongoing expansionary wave with scepticism," added Abedin.
"Lucky Cement (-2.8%) dented the KSE-100 Index the most and traded at levels last seen in January. Financials closed mixed with UBL and HBL ending flat while MCB (-1.5%) down on good activity.
"Investors keenly await the monetary policy announcement scheduled after market hours on Friday that is expected to set the tone in sessions ahead. The consensus is emerging towards a hike of at least 25 bps in the discount rate," he remarked.
Market watch: Bourse turns bullish as KSE-100 surges nearly 1,100 points
Overall, trading volumes declined to 127.2 million shares compared with Wednesday's tally of 131.3 million.
Shares of 337 companies were traded. At the end of the day, 111 stocks closed higher, 198 declined while 28 remained unchanged. The value of shares traded during the day was Rs4.7 billion.
Faysal Bank was the volume leader with 11.9 million shares, gaining Rs0.71 to close at Rs24.7. It was followed by First Dawood Investment Bank Limited with 11 million shares, gaining Rs0.6 to close at Rs4.76 and Bank of Punjab with 10.9 million shares, gaining Rs0.03 to close at Rs11.9.
Foreign institutional investors were net sellers of Rs921.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
A three-day positive streak came to an end as the KSE-100 ended in the red with institutional selling dragging the index near the 42,500 level on Thursday.
Stocks opened marginally positive, gaining 66 points before selling pressure took over and dragged the index lower. Investors remained cautious as they awaited announcement of the monetary policy, due to be announced on Friday. Matters on the political front pertaining to the caretaker setup also kept the market under pressure. Index-heavy stocks; E&Ps, automobiles, cements and fertilisers led the decline.
At close, the benchmark KSE 100-share recorded a decrease of 236.09 points or 0.55% to settle at 42,536.16.
Elixir Securities' analyst Zainul Abedin said equities closed in the red with the market trading in a range-bound fashion before institutional selling in the last two hours dragged stocks down.
Market watch: KSE-100 ends with trimmed gains
"Cements were among the major decliners as investors eyed the ongoing expansionary wave with scepticism," added Abedin.
"Lucky Cement (-2.8%) dented the KSE-100 Index the most and traded at levels last seen in January. Financials closed mixed with UBL and HBL ending flat while MCB (-1.5%) down on good activity.
"Investors keenly await the monetary policy announcement scheduled after market hours on Friday that is expected to set the tone in sessions ahead. The consensus is emerging towards a hike of at least 25 bps in the discount rate," he remarked.
Market watch: Bourse turns bullish as KSE-100 surges nearly 1,100 points
Overall, trading volumes declined to 127.2 million shares compared with Wednesday's tally of 131.3 million.
Shares of 337 companies were traded. At the end of the day, 111 stocks closed higher, 198 declined while 28 remained unchanged. The value of shares traded during the day was Rs4.7 billion.
Faysal Bank was the volume leader with 11.9 million shares, gaining Rs0.71 to close at Rs24.7. It was followed by First Dawood Investment Bank Limited with 11 million shares, gaining Rs0.6 to close at Rs4.76 and Bank of Punjab with 10.9 million shares, gaining Rs0.03 to close at Rs11.9.
Foreign institutional investors were net sellers of Rs921.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.