KARACHI - Pakistan Stock Exchange (PSX) commenced trading week with bearish trend, as trading at the local bourse remained dull and the 100-index closed at 41,100 points after shedding 213 points.
Negativity was led by political disturbances as NAB detained MNA (Member National Assembly) Muhammad Safdar (son in law of ex-PM) while, Maryam Nawaz Sharif appeared in the accountability court. However, ECC decision regarding increase in OMCs margins, additional benefit provided to exporters to enhance exports and RD imposition on imports of 250+ non-essential items corroborated the index, dealers observed.
Index point losers were MARI (down 4.7%), SNGP (4.2%), FFC (2.2%), LUCK (1.6%) & KTML (4.4%), eroding 115 points; while PSEL (up 4.5%), HBL (0.3%), UBL (0.8%), POL (1.3%) & INIL (2.8%) added 112 points. Sector wise; cement failed to sustain Friday’s momentum & erased 49 points, fertilizer shed 39 points, despite of textile package sector shed 28 points. Similarly, OMCs were down 26 points as SNGP outweighed. Banks added 18 points led by interest in HBL & UBL.
Major activity was witnessed in side board items as volume leader during the day remained ANL (owed to new incentives provided to exporters), CWSM, TRG, EPCL and KEL cumulatively contributing 38% to total market activity.
Average value traded settled at Rs6.1b/USD58m, down 29% DoD, likewise average volume were down by 17% DoD to 123m shares. Symbols of total 383 active companied traded in the session of which 272 closed in decline, 92 in advance while 19 remained unchanged.
Dealer at JS Global believe negativity in the market is likely to continue on the back of political uncertainties and concerning economic indicators.
