Market watch: KSE-100 continues to fall amid lacklustre trading
Benchmark index decreases 296 points to settle at 38,011.63
Benchmark index decreases 296 points to settle at 38,011.63. PHOTO: AFP
KARACHI:
With no respite in sight, the KSE-100 index maintained its downward streak for the third successive session on Thursday as trading activity stood low.
The KSE-100 opened positive but soon after selling pressure pushed the index down by over 500 points to a low of 37,767.01 in intra-day trading. Furthermore, selling pressure persisted due to acute gas shortages in the country, which kept the index in the red. Overall grim outlook of the economy also did not help matters.
At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 295.81 points or 0.77% to settle at 38,011.63.
"The KSE-100 index slipped again with the negative news flow that affected investor sentiments," according to AHL Research.
Retail investors largely stayed away and took only small positions, which was quite evident from the thin volumes even in small-caps. Foreign trade flow, due to anticipation of FTSE rebalancing next week, also pushed institutional money managers to balance their portfolios now as opposed to the month-end activity where they needed to keep cash positions.
Brokerage house sees massive turnaround at stock market
The index slid significantly due to index-heavy bank (Habib Bank and United Bank), cement, steel and exploration and production sectors, the research house said.
Besides banks, major activity was noted in the technology sector where TRG Pakistan topped charts. Sui gas utilities faced selling pressure due to the news of prime minister sacking their board of directors, it added.
Overall, trading volumes decreased to 84.2 million shares compared with Wednesday's tally of 145.6 million. The value of shares traded during the day was Rs3.99 billion.
Shares of 351 companies were traded. At the end of the day, 98 stocks closed higher, 228 declined and 25 remained unchanged.
TRG Pakistan was the volume leader with 5.85 million shares, losing Rs0.8 to close at Rs23.89. It was followed by Pak Elektron with 4.8 million shares, losing Rs0.57 to close at Rs24.99 and K-Electric with 4.4 million shares, losing Rs0.19 to close at Rs5.59.
Foreign institutional investors were net sellers of Rs91.2 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
With no respite in sight, the KSE-100 index maintained its downward streak for the third successive session on Thursday as trading activity stood low.
The KSE-100 opened positive but soon after selling pressure pushed the index down by over 500 points to a low of 37,767.01 in intra-day trading. Furthermore, selling pressure persisted due to acute gas shortages in the country, which kept the index in the red. Overall grim outlook of the economy also did not help matters.
At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 295.81 points or 0.77% to settle at 38,011.63.
"The KSE-100 index slipped again with the negative news flow that affected investor sentiments," according to AHL Research.
Retail investors largely stayed away and took only small positions, which was quite evident from the thin volumes even in small-caps. Foreign trade flow, due to anticipation of FTSE rebalancing next week, also pushed institutional money managers to balance their portfolios now as opposed to the month-end activity where they needed to keep cash positions.
Brokerage house sees massive turnaround at stock market
The index slid significantly due to index-heavy bank (Habib Bank and United Bank), cement, steel and exploration and production sectors, the research house said.
Besides banks, major activity was noted in the technology sector where TRG Pakistan topped charts. Sui gas utilities faced selling pressure due to the news of prime minister sacking their board of directors, it added.
Overall, trading volumes decreased to 84.2 million shares compared with Wednesday's tally of 145.6 million. The value of shares traded during the day was Rs3.99 billion.
Shares of 351 companies were traded. At the end of the day, 98 stocks closed higher, 228 declined and 25 remained unchanged.
TRG Pakistan was the volume leader with 5.85 million shares, losing Rs0.8 to close at Rs23.89. It was followed by Pak Elektron with 4.8 million shares, losing Rs0.57 to close at Rs24.99 and K-Electric with 4.4 million shares, losing Rs0.19 to close at Rs5.59.
Foreign institutional investors were net sellers of Rs91.2 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.