KARACHI
The equity market maintained its bearish momentum throughout the day on Tuesday with the exception of the last hour.
The KSE-100 Index closed down 24.81 points at 33188.77 points level with respectable volumes of over 212m shares.
As a whole the banking sector was the laggard, MCB down by 3.2pc and NBP by 2.4pc. The cement sector remained upbeat as expectations of higher dispatch numbers prevailed amongst investors, CHCC up by 4.1pc, LUCK appreciated 3.7pc, DGKC by 4.0pc and PIOC by 2.0pc respectively, commented analyst Muhammad Mobeen. After falling by 2.3pc in last few sessions, Pakistan market recovered due to active buying on lower prices. At one point in time benchmark index fell 402 points or 1.22pc amid speculation of selling by local and foreign funds. Index heavy weight OGDC and MCB, with a combined share of 14pc in KSE 100 Index, saw aggressive selling. These two stocks negatively affected the Index by 100 points.
Along with the Index, volumes also recovered to Rs13b/ $134m compared to Rs10.3b/ $103m yesterday. Engro remained in the limelight with Rs2.8b/ $28m shares changing hand. Investors gradually accumulated Engro after official approval of concessionary gas to its subsidiary EFERT. Pakistan’s largest cement producer Lucky Cement rallied 4pc that also helped other cement stocks. Investors realising that the share has fallen too much in last few weeks bought Lucky aggressively at the end of the trading session.
Upcoming monetary policy and trend of foreign flows will remain key triggers for the market, said Samar Iqbal VP at Equity Sales Topline Securities. Stocks closed lower amid massive volatile activity and post major earnings announcements at KSE.
Oil stocks battered after dismal earnings of PSO down 73pc for 1H’15 on inventory losses announced on Monday. Late session institutional interest in blue chips scrips in cement, fertilizer and energy sectors on positive sentiments after favourable CPI Inflation data for Feb’15 at 3.24pc YoY supported the index for massive recovery at close, stated analyst Ahsan Mehanti. K-Electric emerged as volume leader in the market with 19.02m shares and price per share Rs7.95, followed by Jah.Sidd.Co with 18.71m shares and price per share Rs20.01 and Pak Elektron with 17.13m shares and price per share Rs57.65 were in spotlight in market.