Stocks lose 191 points on lack of triggers
KARACHI: Stock market remained in search of direction for most of the day on Tuesday in the absence of market related triggers. After oscillating wildly between the intraday high and low by 215 and 269 points, the KSE-100 index finally lost 191.03 points (0.45 per cent) at 42,446.56.
The index took off to a positive start and gained 127 points on the back of results announcements byAttock Petroleum and Attock Refinery where investors cheered 20pc and 25pc bonuses, respectively. Both stocks hit their upper circuit but the gaining momentum could not be sustained post disappointing results of Pakistan Oilfields, Attock Cement and International Steels.
On the political side, investors seemed little moved by the smooth passage of elections for the speaker of national assembly as there was no surprise in the expected win of the PTI candidate.
Investors also remained unruffled by the dramatic fall in Turkish lira (Turkey accounts for less than 1pc of the world economy) over the last few days which has rattled the global markets. They were, however, seemed to be worried over Pakistan’s economic outlook going forward.
Trading activity remained slow with decrease in volume over the previous session by 11pc to 145 million shares while the traded value increased by 5pc to Rs8.5 billion. Unity Foods, Lotte Chemical, Pak Elektron, Yousuf Weaving Mills and Worldcall were the leaders, reflecting 23pc of total turnover. Foreign outflows slowed down to $1.87m, while local individuals continued to accumulate with net fresh buying of stocks worth $4.15m.
Sectors contributing to the market performance included banks, lower by 66 points, power 42 points, oil and gas marketing companies 40 points, cement 24 points and exploration and production 20 points.
Major laggards were Bank Al Habib, down 2.62pc, Habib Bank 1.07pc, Sui Northern Gas 3.59pc, Pakistan Petroleum 0.91pc and Hub Power 1.07pc, taking away 116 points. On the flip side, MCB, up 2.23pc, Attock Petroleum 2.62pc and Mari Petroleum 1.58pc added 61 points.
Published in Dawn, August 16th, 2018