Bourse listless, loses 15 points

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The bourse witnessed a dry spell with volumes shrunk substantially compared to recent trading sessions. The post-budget scenario turned out to be lackluster.

There were no significant developments in the case of the stock market. The only major trigger going forward would be the fiscal year result season along with half year calendar companies’ result. With no major trigger to attract volumes, it is most likely that a market correction may be on its way.

As far as today’s market is concerned, low cap stocks were generating ample volume suggesting that prudent investors seems to be taking a vacation On Tuesday, the KSE-100 index closed at 12,337.94 with a loss of 15.42 points and total volume stood at 25,885,647 along with the total value of 1,236,898,304.

Short-covering led run-up in various front liners allowed the benchmark to make limited gains during early trading, however sell-on rise in high priced stocks prevented any traction. While a decline in volumes and value of trade, those have entered dead levels and absence of buyers on intervals, kept any potential investors on the sideline.

The deteriorating law and order situation in the metropolis and its likely repercussions added to the nervousness that continues to persist due to the gloomy economic and financial prognosis, thus preventing wider participation at the local equity market despite high discounts.

However, consistent dividend yielding front line stocks did invite cautious accumulation, the sentiment stayed tilted towards negativity despite assurances by various regarding high chances of lenient view on CGT implementation mechanism.