KSE opens to low volume gains


Low volume gains on opening, in the sentiment boosters of previous week, Fauji group stocks from the fertiliser sector faced stiff resistance on strength due to awkward technical indicators, suggesting high chances of technical corrections. Stagnation in volume leaders forced meltdown in various frontline stocks, thereby taking along various high priced stocks from main board, although volume less support in Nestle during early trade did restrict the benchmark from reflecting wider sentiments. Prolonged stagnation and absence of buyers on intervals kept the pressure mounting in front line stocks of almost all sectors.
The KSE 100 index closed at 12320.89 levels with the loss of 25.63 points and the total volume stood at 47,042,458 along with the total value of 4,044,103,887. KSE 30 index gained 35.08 points to close at 11827.99 levels, and All Share index closed at 8544.13 levels after losing 19.62 points. 129 scrips advanced, 172 declined and 18 remain unchanged out of a total of 319 scrips traded. With the release of the pending tranche due from IMF already in doldrums, resignation of the SBP governor has seemingly increased doubts regarding timely release of the reserve support fund.