After the carnage in the global market the benchmark index opened on a highly negative note with a steep fall of 200 points. But soon after recovery was underway because of which the benchmark ended the day with a mere 46 point loss. During the trading session the index recovered all the lost points at one point but soon after fearful investors continued to off-load shares.
The KSE 100 index closed at 11,264.95 levels with the loss of 46.34 points, while KSE 30 index gained 16.44 points to close at 10,720.71 levels. All Share index closed at 7,826.38 levels after losing 27.85 points. Total 112 scrips advanced 78 declined and 107 remained unchanged out of total 297 scrips traded.
Few major stocks were moving upwards while index heavy OGDC posted a hefty negative return. Index heavy weights such as OGDC and NESTLE bore the brunt of the selling, closing down 3.7 per cent 0.8 per cent respectively. Among oil stocks, PSO jumped 4.6 per cent as international oil prices rebounded dismissing investor fears of heavy inventory losses, while POL also gained 1.2 per cent after witnessing massive price erosion in the previous sessions. Among fertiliser stocks, FFBL remained the pick of the lot with volumes closing up 1.3 per cent, while ENGRO hit its upper circuit breaker in a reversal of fortunes after remaining out of favor with investors over gas curtailment issues.
“Today’s volatile session where the market oscillated quite aggressively suggests investors are still unclear about the market outlook, therefore gradual accumulation of stocks is advised as opposed to aggressive buying despite highly attractive valuations,” said Bilal Asif at HMFS.
