The heated political environment became an excuse for the long awaited slump, occurring mainly due to stagnation; however, a lack of volume strength in illiquid stocks provided a benchmark for reflecting the wider market sentiment. While various frontline stocks, considered expensive due to curtailed local strength and massive reduction in number of market participants, faced renewed sell-off, thus leading to a triple digit decline by midday.
The KSE 100 index closed at 12362.44 levels with the loss of 102.05 points and the total volume stood at 54,689,598 along with the total value of 2,453,400,404. KSE 30 index lost 190.37 points to close at 11572.81 levels and All Share index closed at 8574.51 levels after losing 71.05 points. 75 scrips advanced, 193 declined and 88 remain unchanged out of a total of 356 scrips traded. Selective accumulation in frontline stocks is likely to remain strong on its track of growth both in terms of earnings and payouts, along with a renewed support by respective groups in listed stocks mainly in the fertiliser sector, said Hasnain Asghar Ali at Aziz Fidahusein. Low volume strength in illiquid stocks continued to offer a 45 points support that has been a prominent exercise for quite a few sessions. Declining turnover at the local bourse suggested caution, with a fresh placement of equity specific stocks, far from political and financial woes for both trading and placement, he added.
