KSE-100 sheds 38 points amid NAB investigation rumours

Rumours continued to upset the local bourse’s sentiment on Thursday with the benchmark index closing marginally lower, as reports about investigations by the National Accountability Bureau (NAB) against big stock brokers narrowed the trading activity.

The Karachi Stock Exchange (KSE)-100 index lost 37.99 points to close at 33,792.37 points as compared to 33,830.36 of the previous session. The KSE-30 Index shed 54.34 points and closed at 20,572.53 points against 20,626.87 points of the last closing.

“Pakistan equities closed marginally negative after volatile trading on thin volumes, which was last seen over 14 weeks ago. The stocks opened gap, down tracking regional markets while lower crude pulled the index’s heavy oil stocks in red,” said Elixir Securities’ analyst Faisal Bilwani.

He said activity in the wider market remained dull through out the day as investors continue to hunt for triggers, however, release of auto numbers brought some excitement to the sector.

Bilwani expects volumes to somewhat improve today as investors speculate over the central bank’s decision on benchmark rates with Monetary Policy Statement (MPS) due over the weekend.

Habib Metropolitan Financial Services’ analyst Saba Mahmood said the bullish sentiment of the preceding two days was dashed as the index opened 235 points down with selling pressure throughout the day. “Slight recovery at the end brought some relief to the index as daily rumours of investigations by NAB on big shots continue making rounds of the market, investor’s reluctance to take new positions in a period of uncertainty was evident by the dearth of volumes,” she added.

The market is expected to remain turbulent with cash in hand as the safest play, said Mahmood.

The market volume decreased to 170.243 million shares traded as compared to 195.245 million shares traded in the previous session. Trading value at the local bourse fell to Rs 7.064 billion against Rs 8.471 billion of the previous session. Out of 370 scrips, 137 scrips advanced, 213 scrips declined while the value of 20 scrips remained unchanged.

The KMI-30 index lost 289.66 points to close at 55,832.88 points as compared to 56,122.54 points of the previous session.

The KSE all-share index went 41.90 points down to close at 23,612.65 points as compared to 23,654.55 points of the previous session. Descon Chemical was the volume leader in the market with 17.864 million shares as it closed at Rs 7.43 followed by Dewan Cement with trading of 12.692 million shares and closed at Rs 17.92. TRG Pak Ltd XR traded 9.040 million shares and closed at Rs 34.14.

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