Pakistan stocks close flat amid lacklustre trading

KARACHI: Bearish spell extended at Pakistan stocks on Tuesday as earthquake shadowed the market sentiment with the index closing almost flat.
The Karachi Stock Exchange (KSE)-100 index lost 16.81 points to close at 33,843.83 points as compared to 33,860.64 of the previous session. The KSE-30 Index dropped 48.28 points and closed at 20,147.26 points against 20,195.54 points of the last closing.

“Pakistan equities on Tuesday closed flat after a lacklustre trading session, as participants traded cautiously after earthquake and weak performance of the region. Moreover, crosses in early trades primarily in banking names further highlighted the concerns of foreign selling and ensured that bulls remained at bay, “said Elixir Sales’ analyst.

The analyst expects volumes to gradually pick up in days ahead with benchmark crossing 34,500; however foreign selling remains a concern and continues to dampen the mood.

Habib Metropolitan Financial Services’ analyst Saba Mahmood said sentiment on the index remained depressed in another dreary day at the local market, as regional markets and international oil prices remained negative, adding that plethora of earnings announcement failed to create any dent in the sentiment as investors were kept at bay.

“We expect the market to remain range bound as the result season nears to a close,” said Mahmood.

The market volume decreased to 126.756 million shares traded as compared to 146.725 million shares traded in the previous session. Trading value at the local bourse rose to Rs 7.99 billion against Rs 7.202 billion of the previous session. Out of 369 scrips, 161 scrips advanced, 194 scrips declined while the value of 14 scrips remained unchanged. The KMI-30 index advanced by 97.29 points to close at 56,649.78 points as compared to 56,552.49 points of the previous session.

The KSE all-share index went 28.17 points down to close at 23,690.38 points as compared to 23,718.55 points of the previous session. Pak Elektron was the volume leader in market with 13.318 million shares as it closed at Rs 77.10 followed by Pace (pak) Limited with trading of 11.779 million shares and closed at Rs 7.67. Byco Petroleum traded 6.538 million shares and closed at Rs 25.93.

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