Pakistani stocks remain dull despite positive triggers

Pakistan stocks ended lower on Monday, as the launch of $1 billion Eurobond could not shed the dryness while the investors’ cautious stance kept index on downward trajectory.

The Karachi Stock Exchange (KSE)-100 index lost 132.82 points to close at 32,690.02 points as compared to 32,822.84 of the previous session. The KSE-30 Index shed 77.30 points and closed at 19,584.20 points against 19,661.50 points of the last closing.

“Pakistan equities closed the first day after the long Eid holidays negative with turnover on the benchmark KSE100 index setting a new 18-week low. The stocks opened sideways and traded mixed throughout the day as investors continued to remain cautious, while news flow regarding the launch of Eurobond issue over the holidays failed to cheer participants,” said Elixir Securities’ analyst Faisal Bilwani.

He said activity in the wider market remained dull, however sector specific interest was evident in Pharmas, which continued their ascent and ended higher on earnings excitement.

Anxious investors would continue to monitor institutional flows, while any reports of selling by the Local Capital Protected Funds and/or Foreign Funds can likely trigger panic with the index taking support at 32,000 level, added Bilwani.

Habib Metropolitan Financial Services’ analyst Kumail Chevelwalla said activity remained dull at the KSE-100 index in the absence of any trigger. He said the launch of $1 billion Eurobond brought some life at the start of the day with equities opened on a positive note, touching an intraday high of 153 points, however; late selling dragged the index down in red territory. “We expect the index to remain tumultuous with weak volumes,” Chevelwalla added.

The market volume decreased to 110.867 million shares traded as compared to 130.228 million shares traded in the previous session. Trading value at the local bourse fell to Rs 4.743 billion against Rs 5.213 billion of the previous session. Out of 348 scrips, 96 scrips advanced, 226 scrips declined while the value of 26 scrips remained unchanged. The KMI-30 index declined by 170.43 points to close at 54,569.26 points as compared to 54,739.69 points of the previous session.

The KSE all-share index went 72.75 points down to close at 22,902.50 points as compared to 22,975.25 points of the previous session. Byco Petroleum was the volume leader in the market with 14.192 million shares as it closed at Rs 25.51 followed by K-Electric Limited with trading of 12.170 million shares and closed at Rs 7.01. TRG Pak Limited traded 6.167 million shares and closed at Rs 30.66.

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