Trading today was choppy. The KSE 100 opened to trade up to 345pts higher and then subsequently traded 164 pts down to close at 72pts plus. Turnover was up almost 20pc. SECP comments regarding NAB broker enquiries were met positively. Regional market stability helped sentiment. HCAR, MUGHAL, PAEL and National Foods and Pak Tobacco were among top gainers. All ended the day 5% higher. PPL Closed at 119 up Rs. 4.35 on positive news regarding its exploration activities.
General Tyre is expanding production.
UBL, HBL and MCB slid again today contributing to most of the days KSE100 negative points. Out of the top 30 heavily traded stocks by value, 9 fell. Out of these HBL and UBL lost 1.16pc and 2.12pc respectively. The rest clocked declines of under 1pc. 21 stocks gained in percentage terms. The chart in the next post shows this
Oil stocks could offer support to the index considering crude oil holding current levels.
The market should continue to see support at 32000.
Today's foreign participation stood at net buying of USD0.6mln. This should support sentiment tomorrow.
The KSE100 index fell 475 pts down 1.5pc on sharply increased turnover compared to yesterday by about 60pc. The index opened negative and then fell to over 600pts before closing towards the end at 475pts. Yesterdays rout in global equities increased already shaky investor confidence. International market instability has emerged as a major dampener to the KSE with fears of a sell off by foreign players hurting otherwise strong earning numbers at the local bourse. Going forward quarterly results could offer much needed support to stocks.
Top performers today were GHNI, GHNL, HINO FECTC, and TRIPF which were at upper caps. TRG was up 4.4pc.
PIBTL closed the day at its lower cap. Selling was evident in top cap stocks. ENGRO was down 2.5pc, DGKC 2pc, PAEL 3.5pc, SEARL almost 4pc, PPL almost 3pc, OGDC 3.5pc and SSGC 3pc. Together MCB, HBL and UBL contributed almost 120pts decline to the 100 Index but with low volumes. Neither of these three stocks figure in the top 30 volume stocks. Foreign participation numbers at the Exchange today and market movements abroad will give a cue for tomorrows trading.
Absence of investor interest continues on the first day of trading after Eid. Positive or negative triggers could generate volumes. Total volumes today were 110mln shares. The day closed 132 points in the red because of a late surge of selling during the day. For the most part the index stayed positive during the day. Among the top traded stocks BYCO, FFC , PAEL and TRG slipped 3.81, 2.52, 2.42 and 4pc respectively. JSCL fell 5pc. On the plus side were HINO, GHNL, GHNI which ended the day on upper caps.
Pakistan completed its Eurobond issue successfully and should get a fund release from the IMF shortly. Foreign participation was limited at $0.1mln buying.
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