KSE unable to sustain 12,700 level, loses 24 pts

KARACHI – The KSE-100 index lost 24 points following a mixed trading session. Major E and P and banking stocks closed in the red zone, while fertiliser stocks underwent mixed fortunes. The KSE-100 index couldn’t sustain the 12,700 level as market capitalisation shrunk by 0.19 percent. The local bourse index closed at 12658.16 points, while total volume stood at 219,769,134. Out of total 409 scrips, 154 advanced, 246 declined and nine remain unchanged.
The KSE 30 index dwindled 58.04 points, closing at 12418.08 points. Meanwhile, the all share index lost 20.33 points to close at 8852.16 levels. Among the E and P companies, Pakistan Oilfields Limited bore the brunt of the selling pressure, slipping 1.2 percent, whereas Pakistan Petroleum Limited gained one percent. Fauji Fertiliser Company and Fauji Fertiliser Bin Qasim Limited stole the show, jumping by 3.6 percent and 2.3 percent respectively, while ENGRO following massive battering lost 1.4 percent. Among banks, Muslim Commercial Bank remained under immense selling pressure, edging lower by two percent over market rumours of FII selling.
Gas distribution companies i.e. Sui Southern Gas Company and Sui Northern Gas Pipelines posted hefty gains spurred by a relaxation in unaccounted gas losses target, while healthy dividend expectation prompted investor participation in FFBL. Volumes at the local bourse remained robust as 270 million shares were traded. FFBL and LOTPTA lead the volume’s leader board PPL led gains in the oil and gas sector due to a healthy first quarter earnings expectation, whereas bellwether banking sector scrips mimicked benchmark index’s losses. Habib Metropolitan Senior Investment Analyst Salman Vidhani said that investors should play selective, while staying long as limited upside potential in various blue chip stocks and an imminent rise in market yields is evident.
The KSE market capitalisation stood at Rs 3,422.43 billion, while the future volume stood at 10.26 million shares. The future value was Rs 1,155.67 million and the future spread was 17.88 percent. KASB Bank, Pace, Bestway Cement, Media Times, Shifa International Hospitals, Jahangir Siddiqui and Pak Reinsurance were among the major losers of the day’s trading..