KARACHI: The KSE-100 index maintained its downward slide for the second successive session on Monday as it followed movements in regional and global markets.
In the morning, trading began on a negative note, with the index sliding over 240 points in intra-day trading. It remained under pressure amid brief bouts of buying. Overall investors continued to book profits and volumes stood low.
At close, the benchmark KSE 100-share Index recorded a decrease of 204.59 points or 0.48% to settle at 42,637.59
Elixir Securities' analyst Murtaza Jafar said equities traded under pressure after taking cue from global and regional indices, which were mostly down over 1%.
KSE-100 registers minor increase of 337 points
"Nishat Group companies faced additional pressure after news [over the weekend] of potential NAB inquires into Nishat Chunian Power (-5%) and Nishat Power (-5%)," the analyst said.
Pakistan State Oil (+4.58%) announced its FY18 results during the day. Though earnings were below expectations, the market cheered 20% bonus share issue.
Most of the trading activity was concentrated in retail names as Pak Elektron, WorldCall Telecom, Lotte Chemical, Engro Polymer and Chemicals and Unity Foods recorded collective trading of over 51 million shares.
"We expect a range bound market in the near term and investors to track flows from foreign institutional investors as the benchmark index is facing resistance at 43,000," Jafar added.
Market watch: KSE-100 ends week in the red amid range-bound trading
Overall, trading volumes decreased to 163 million shares compared with Friday's tally of 250 million. The value of shares traded during the day was Rs8.1 billion.
Shares of 374 companies were traded. At the end of the day, 120 stocks closed higher, 226 declined while 28 remained unchanged.
Pak Elektron was the volume leader with 12.6 million shares, losing Rs1.99 to close at Rs38. It was followed by WorldCall Telecom with 12.4 million shares, gaining Rs0.02 to close at Rs2.04 and Lotte Chemical with 9.3 million shares, gaining Rs0.12 to close at Rs14.58.
Foreign institutional investors were net sellers of Rs49.4 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
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