Local and offshore dumping in Engro, buying in FFC and junior partner of the group allowed the benchmark to maintain equilibrium at the same time allowing traders substantial trading opportunities. Since traders are now more focused towards placing equity specific funds in dividend yielding stocks away from options limited funds were duly placed in targeted stocks, the strength of Nestle scrip continued to make a contribution of 38 points through the trade of 100 shares.
This prevented the benchmark from reflecting the decline in various index heavy weights, including in some front liners of the energy sector. The KSE 100 index closed at 12369.41 levels with gain of 43.27 points and total volume stood at 46,698,239 along with total value of 3,758,611,917. KSE 30 index gained 35.09 points to close at 11716.92 levels and All Share index closed at 8585.39 levels after gaining 25.84 points.
Total 116 scrips advanced, 117 declined and 107 remain unchanged out of a total of 340 scrips traded. Hopes of a price flare up during the last few days of the current fiscal year have kept seasoned participants on hold even in high priced stocks and despite high chances of low volume price erosion.
This has not allowed panic to set in and traders remain cautious. A drastic event may force extreme movement in various stocks, suggesting reaction on volatility for profitable stock and sector swapping. Hasnain Asghar Ali at Aziz Fidahusein said that gloomy economic horizon and week security situation are unlikely to be ignored by the handful of participants at the local equity market. He added that low volume and shallowness might allow uncertain macro to impact the local equity market.
