Market Watch: Pre-budget uncertainty takes down index

Benchmark 100-share index drops 73.25 points.


Our Correspondent June 06, 2015
At close, the index recorded a drop of 0.21% or 73.25 points to end at 34,012.49.

KARACHI:


As the government was getting ready to announce the budget, the index consolidated recent gains as major investors chose to remain on the sidelines. Major activity remained skewed to third-tier stocks with retail participation on a higher end.


At close, the index recorded a drop of 0.21% or 73.25 points to end at 34,012.49.

Surprisingly, the textile sector edged higher as rumours circulated over tax relief in the budget.

Trading volume slightly dropped to 333 million shares compared to 362 million on Thursday. The value of shares traded during the day was Rs11.9 billion.

TRG Pakistan Limited was the volume leader with 38.5 million shares, losing Rs0.24 to close at Rs25.21. It was followed by Pak Elektron with 30.5 million shares, gaining Rs2.28 to close at Rs72.75 and Southern Electric with 25 million shares, losing Rs0.08 to close at Rs3.91.

Foreign institutional investors were net buyers of Rs517 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.

Published in The Express Tribune, June 6th,  2015.

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