KARACHI: The stock market on Monday remained under pressure as the KSE-100 index fell by 195.81 points (0.47pc) to close at 41,239.89.
The investors’ disinterest was manifest in the exceptionally thin volume. Market participants groped for reasons of the stock’s decline and came up parroting the old versions.
The lack of triggers and political uncertainty as the accountability process against Nawaz Sharif gathered momentum. A dealer reckoned that the investors’ were sidelined as they adopted cautious stance ahead of the semi-annual review of MSCI-EM index. Meanwhile, Elixir Securities pointed out that the KSE-All share index closed down 108 points to 29,368 points, which was the lowest level since May 2015.
Foreign investors took advantage of low prices of value scrips and bought them worth $1.97m. Local participants preferred to sell-off barring mutual funds which bought stocks in measured quantity with traded value of $0.86m.
the volume was down 32pc over the previous session to 87m shares while the traded value declined 35pc to Rs3.7bn. Change of hands took place entirely in two-digit second- and third-tier scrips. Punters and day traders waited for an upside to reduce short-term positions or book profits.
According to Topline Securities, PPL was down 1.4pc, Dawood Hercules 3.1pc, Hubco 1.3pc, UBL 1.1pc and Mari Petroleum 1.6pc, eroding 105 points from the index. Gainers were fewer in numbers with MCB up 1.2pc, TRG 5pc, OGDC 0.7pc, Shifa International 5pc and Fatima Fertiliser 1.7pc, adding 52 points.
Sector-wise, oil & gas exploration and fertilizers pushed the index down by 40 and 34 points, whereas technology & communication sector added 10 points. Mixed sentiments were witnessed in the banking sector where NBP lost 0.96pc and UBL 0.90pc while HBL up 0.05pc and MCB Bank 0.86pc.
Published in Dawn, November 14th, 2017
