Market watch: KSE-100 loses 190 points amid lack of positive triggers

Benchmark index decreases 0.46% to settle at 40,704.80

KARACHI: The stock market witnessed a bearish session with the index remaining under pressure due to a lack of positive triggers.

The KSE-100 opened on a positive note, trading past the 41,000-mark in the early hours. However, the positivity was short-lived as selling pressure dragged the index into the negative territory. The index remained choppy in the later hours, continuing to drop steadily, as investors remained cautious in the wake of political uncertainties and the upcoming monetary policy.

Cement, fertiliser and E&P stocks bore the brunt of dented sentiments with major names declining in the mentioned sectors.

At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 189.42 points or 0.46% to settle at 40,704.80.



Elixir Securities' Murtaza Jafar said the index traded in pressure as investors preferred to stay on the sidelines ahead of MSCI re-balancing due on Friday.

"Lucky Cement (-0.80%) and United Bank Limited (-0.94%) conceded to reported FII's sell-off," Jafar commented.

K-Electric Limited (+4.61%) topped the volume charts as the Economic Coordination Committee (ECC) deliberated on the outstanding dues of the company as well as its claims from different government entities before reaching a conclusion on the issuance of NOC for the sale to Shanghai Electric Limited (SEL).

"Going forward, we expect market to remain range-bound due to lack of triggers."



Overall, trading volumes decreased to 124.1 million shares compared with Tuesday's tally of 132.3 million. The value of shares traded during the day was Rs6.56 billion.

Shares of 363 companies were traded. At the end of the day, 123 stocks closed higher, 217 declined and 23 remained unchanged.

K Electric was the volume leader with 12.6 million shares, gaining Rs0.26 to close at Rs5.9. It was followed by Siddiqsons Tin Plate with 7.37 million shares, gaining Rs0.97 to close at Rs21.85 and Lotte Chemical with 6 million shares, losing Rs0.08 to close at Rs19.56.

Foreign institutional investors were net sellers of Rs1.29 billion worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.