Stocks lose 59 points amid lacklustre trading
The index at Pakistan stocks, tracking regional market losses remained negative throughout the day on Wednesday besides Eidul Adha’s long holidays kept the market volumes dry. The Karachi Stock Exchange (KSE)-100 index lost 59.18 points to close at 32,822.84 points as compared to 32,882.02 of the previous session. The KSE-30 Index shed 71.64 points and closed at 19,661.50 points against 19,733.14 points of the last closing.
“Pakistan equities closed marginally negative in lackluster trading as upcoming Eid holidays put participants in a snooze mood. The stocks opened lower, tracking losses in the region while the recent global events limited any attempts of a recovery,” said Elixir Securities’ analyst Faisal Bilwani. The benchmark KSE100 index drifted lower to test 32,700 level, however the reported institutional buying in index heavy oils, possibly due to mid day surge in global crude, pulled the index back near yesterday’s mark, he added.
Bilwani expects investors to closely track the regional markets and commodities during holidays while the news flow from Pakistan Euro Bond issue would likely bring macros in limelight. Habib Metropolitan Financial Services’ analyst Saba Mahmood said the local index continued to be in a snooze mode as prudent investors opted to either stay on the side lines or book their profits to safeguard against any untoward developments over the long Eid holidays.
“We advise the investors to exercise caution as the market is expected to remain under pressure in the short term,” she added. The market volume decreased to 130.228 million shares traded as compared to 137.060 million shares traded in the previous session. Trading value at the local bourse fell to Rs 5.213 billion against Rs 6.829 billion of the previous session. Out of 341 scrips, 163 scrips advanced, 155 scrips declined while the value of 23 scrips remained unchanged. The KMI-30 index declined by 144.29 points to close at 54,739.69 points as compared to 54,883.98 points of the previous session. The KSE all-share index went 9.27 points down to close at 22,975.25 points as compared to 22,984.52 points of the previous session. K-Electric Limited was the volume leader in the market with 28.622 million shares as it closed at Rs 7.11 followed by Byco Petroleum with trading of 19.439 million shares and closed at Rs 26.52. TRG Pak Limited traded 5.150 million shares and closed at Rs 31.96.