KARACHI: The KSE-100 index closed on a negative note after losing 91.69 points during first session of this week, but the market players termed it as profit-taking of the previous upward trends and political uncertainty. The market opened positive in the morning but after going 114-160 points up it declined.
The Karachi Share Index (KSE-100) went down by 91.69 points (-0.22 per cent) after closing at 42,115.31 against the previous closing of 42,207.00 points. The market went up 42,321.23 points during intra-day trading, while recorded as low as 42,044.59 points.
Trading volume slightly improved to 380.4 million shares today as compared to 427.9 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 17.9 billion from Rs 18.151 billion in the previous session, the data said.
“The market opened on a positive note of 41 points in the morning and jumped to 42,321 points, but after mid-day, it started to slip and closed at negative 91.60 points,” the analyst at AKD brokerage house said.
According to the market analysts, the session saw index swaying +114pts and -160pts, demonstrating investors general lack of interest due to concerns over political uncertainty.
Selling pressure was evident in the cement sector stocks, however, E&P stocks also failed to perform amid sticky oil prices in the international market. Technology sector stocks performed relatively better with NETSOL hitting the upper circuit, while TRG trading in the positive zone.
Although ASL and ISL increased product prices, the market didn’t react as positively as it could have.
Stocks that contributed significantly to the volumes include TRG, UNITY, JSCL, PRL and AVN, which formed 32% of total volumes.
Stocks that contributed positively to the index include TRG (+16pts), AICL (+13pts), BAHL (+12pts), NESTLE (+9pts) and EPCL (+7pts).
Stocks that contributed negatively include OGDC (-27pts), PPL (-25pts), MCB (-15pts), DAWH (-10pts) and LUCK (-10pts).