Dearth of conviction amidst lack of impetus and growing political bickering pulled the index further lower. Investor participation at 51 million shares was concentrated in select blue chip stocks as FATIMA led the board. The KSE 100 index closed at 11992.77 levels with the loss of 1.24 points, while KSE 30 index lost 24.16 points to close at 11333.91 levels. All Share index closed at 8291.30 levels after losing 2.14 points. Total 90 scrips advanced 134 declined and 116 remained unchanged out of total 340 scrips traded.
Advancements in bellwether oil and gas exploration stocks on account of attractive valuation kept the overall index afloat. Fertiliser stocks witnessed selling pressure as the news flows regarding government mulling to divert gas supply toward urea manufacturers in a bid to lower per bag price kept investors wary. ‘We reiterate that in the absence of triggers and foreign flows, trend at local bourse may remain directionless,’ said Salman Vidhani, Senior Analyst at HMFS.
OGDC and PPL remained by far the best performers rising by 0.6 per cent and 1.3 per cent over news of discoveries. Engro too remained in the limelight on rumours of gas restoration from the SSGC network while FFC came under selling pressure by local funds and institutions on the back of rumors of reversal in urea prices. POL was dominant on the DOMAIL II discovery stance that gave a boost of 0.8 per cent as heavy participation was witnessed. Reasonable consolidation in the last trading hour was witnessed in ENGRO, PPL, OGDC and POL.
Bourse drops 24 points amidst lack of impetus
