Low volume spur during closing hours in oil sector heavy weights did allow the index to recover from deep red zone wherein OGDC contributed 44 points, while substantial contribution by mid tier stocks allowed the volume to match the previous sessions, wherein BAFL and Fatima fertiliser led the volume by making a combined contribution of almost 50 per cent to over all turnover.
The KSE 100 index closed at 11970.53 levels with the gain of 57.11 points, while KSE 30 index lost 39.81 points to close at 11239.51 levels. All Share index closed at 8276.41 levels after gaining 38.87 points. Total 150 scrips advanced 132 declined and 17 remain unchanged out of total 299 scrips traded.
Gloomy economic and financial situation along with uncertain political environment coupled with various internal matters will continue to restrict the activity at the local bourse, said Hasnain Asghar Ali at Aziz Fidahusein, adding that low volume strength in high priced and expensive stocks will therefore continue to invite renewed selling.
“However despite various rumours regarding new taxes on fertiliser sector, stocks away from the wrath of gas curtailment will continue to invite equity specific funds, dips can therefore be looked for both accumulations,” he added. “Clarity on political front and unveiling of the strategy to address economic and financial matters that are likely to deteriorate further in upcoming months will continue to stay essential for reduction in degree of nervousness’ prevailing amongst the local stakeholders,” he said.
