Stocks close negative as investors remain cautious
The Pakistan stock market continued its uncertain trajectory; as the index ended lower for the fourth consecutive session on Thursday due to the likely interest rate hike by the US Federal Reserve.
The Karachi Stock Exchange (KSE)-100 index lost 193.27 points to close at 33,191.46 points as compared to 33,384.73 of the previous session. The KSE-30 Index lost 147.41 points and closed at 20,190.53 points against 20,337.94 points of the last closing.
“Pakistan equities closed the fourth consecutive negative session with KSE-100 index testing support near 33,100. The stocks opened sideways and traded mix throughout the day as investors continued to ignore fundamentStocks close negative as invertors remain cautious
als and remained cautious; while any help in shape of institutional flows remained missing. Activity in the wider market remained muted, however fertilisers garnered some interest on mid day news of the prime minister announcing Rs 341 billion relief package for farmers and cutting the costs of fertilisers by Rs 500/sack,” said Elixir Securities’ analyst Faisal Bilwani.Bilwani expects the market to continue to trade volatile while flows from institutions would play a vital role in setting the direction going forward.
The Global Securities’ analyst said that the market remained volatile during the day with low volumes. “Investors took cautious stance over FED decision regarding the interest rates. Non-availability of funds for leverage positions coupled with uncertain political situation also kept the investors quite. Long-term view should be taken on main board to capitalise on cheaper valuations,” he added.
The market volume decreased to 132.151 million shares traded as compared to 133.618 million shares traded in the previous session. Trading value at the local bourse rose to Rs 6.533 billion against Rs 5.237 billion of the previous session. Out of 366 scrips, 110 scrips advanced, 229 scrips declined while the value of 27 scrips remained unchanged.
The KMI-30 index lost 184.56 points to close at 55,158.90 points as compared to 55,343.46 points of the previous session.The KSE all-share index went 116.53 points down to close at 23,223.87 points as compared to 23,340.40 points of the previous session. TRG Pak Limited was the volume leader in the market with 10.324 million shares as it closed at Rs 31.37 followed by Byco Petroleum with trading of 7.881 million shares and closed at Rs 23.99. Jah.Sid.Co XR traded 7.729 million shares and closed at Rs 75.51.