Benchmark100 witnessed a mild correction after gaining 340 points in the previous three consecutive sessions backed by buoyant investor sentiments. The index closed at 12464 levels after shedding 45 points with dreary volumes of 52 million shares traded. Lack of investor participation was evident as KSE members gathered to discuss oblivious stance central issue of capital gains tax.
ENGRO attracted investor interest as news of its EnVen 1.3mt plant achieving COD floated the market. Healthy gains, especially during previous three sessions in the fertiliser and oil and gas sector scrips, instigated profit taking by savvy investors. Benchmark100 gained merely 103 points during the week with average daily trading volume of 62 million shares.
The KSE 100 index closed at 12464.26 levels with the loss of 44.16 points and the total volume stood at 42,279,758, along with the total a value of 2,690,803,453. KSE 30 index lost 107.23 points to close at 11771.72 levels and All Share index closed at 8646.22 levels after losing 29.02 points. 80 scrips advanced, 160 declined and 91 remain unchanged out of a total of 331 scrips traded.
Salman Vidhani at HMFS said that street estimates predicting healthy earning growth in the upcoming result season is likely to push the market further north, albeit with minor hiccups here and there. Tumbling regional and international oil and equity markets took local equities along, thereby disallowing syndicated efforts poised towards a healthy closing for the running fiscal.
A stern warning by US which proposes a reduction in pace of military aid, hesitance by IMF on conducting an early review for dispatch of outstanding tranche of standby agreement and a gloomy economic and financial situation kept a cautious stance alive, however selective activity on dips did restrict a massive fall. Selective participants awaited the price jack-up ahead of the June closing (a popular portfolio dressing move for profit taking) thereby restricting the volatility, while the turnover stayed at low levels.
