The KSE witnessed a range bound day of trading with benchmark KSE 100 index closing down 13 points at 11,976 levels. Interest was seen in fertiliser stocks on the news flow that fertiliser plants on SNGPL network will have their gas supply cutoff for indefinite period.
KSE 100 index closed at 11975.55 levels with the loss of 12.54 points, while KSE 30 index lost 38.68 points to close at 11464.69 levels. All Share index closed at 8297.53 levels after losing 7.81 points. Total 129 scrips advanced 127 declined and 95 remain unchanged out of total 351 scrips traded.
Engro was down 4.6 per cent near its lower limit due to its new Enven plant being on SNGPL network. On the other hand FATIMA fertiliser closed on its upper circuit and FFC gained 3.4 per cent due to lesser gas curtailment on Mari network and expectations of a further price hike. Attock Refinery announced above expected first quarter result of Rs10.47 per share and ended the day at its upper circuit with volumes of 2.6 million shares. National Refinery also ended the day 3 per cent higher due to expectations of better first quarterly result.
Cement sector stalwarts LUCK and DGKC were also on the uptick today as industry sources have indicated a further Rs15 per bag price hike is imminent. Despite these positives, the KSE-100 had a losing session as it shed 12 points with the upside being the 79 million shares traded in the session. PPL was the biggest contributor to the southbound trend as the secondary offering is being priced at a discount to the prevailing share price. “With the results seasons kicking off later this week, the market is expected to be buzzing with activity as investor expectations become a reality,” said Ali Hussain at HMFS.
