Sluggish trading activity was witnessed at the local bourse; as the index closed at 12,317, down by 21 points, with 55 million shares traded showing an increase of 1.2 per cent from the previous day. The total value traded improved by 33 per cent as index heavy weights like POL, Engro and PSO experience some activity.
The KSE 100 index closed at 12317.15 with a loss of 20.79 points while the total volume stood at 32,991,007, along with a total value of 1,719,894,092. KSE 30 index lost 28.93 points to close at a 11778.40 level, and All Share index closed at 8563.10 levels after losing 14.13 points. 97 scrips advanced, 152 declined and 105 remain unchanged out of a total of 354 scrips traded.
Industry experts are expecting an increase in HSD margins from the current Rs1.35/litre to Rs1.76/litre and Mogas margins from Rs1.5/litre to Rs1.96/litre in the upcoming price revision due on June 30. Oil marketing companies are expected to remain in the public eye during the next few sessions, owing to the earlier than expected issuance of SLR eligible PIB to settle the remaining stock of circular debt.
FII’s activity remained muted while energy and fertiliser stocks showed momentum. The lackluster behaviour of the market suggests prudent investors went on a break after the budget was announced. Furthermore, the budget announcement was fairly low-key especially after the government continued with the CGT.
With 15 days of the fiscal year remaining, it seems prudent to stay calm as ample information flows may not be available to generate sufficient investor interest, said Bilal Asif at HMFS. “Fatima fertiliser started operations, which provided a boost to the stock. We believe that it is better to stay on the sideline and wait for right time to enter the stock market,” he added.
