Jittery KSE posts minor loss

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It was another lethargic day at the local bourse as market volumes remained below the 30 million mark. While the index was able to post a marginal gain, the gain emanated from index weight heavy Nestle rather than a spurt from the broader equity base. KSE 100 index closed at 11301.09 levels with a loss of 5.01 points, while total volume stood at 30,624,413. KSE 30 index closed at 10318.41 levels to lose 42.28 points, and All Share index closed at 7817.77 levels after losing 5.65 points. Total 140 scrips advanced 143 declined and 15 remain unchanged out of total 298 scrips traded.
In terms of the fertiliser sector, investors appear more concerned of the impact of GIDC than Engro’s recent price reversal which was not enough to mitigate the earnings attrition that GIDC is expected to bring about. The oil and gas sector was in negative territory as well while the banking sector was a mixed bag as NBP and ABL ended up higher. Overall market sentiment remains gloomy as the daily news flow regarding the overall economy remains negative and investors are merely incorporating the sentiment in their trading activities or shall we say lack thereof, said Ali Hussain at HMFS.