After losing as many as 69 points in the early part of the trading session, KSE-100 index put together a strong comeback and at one stage was up by 33 points before settling for a minor 2 point loss to close at 10,930 points. Despite the strong comeback, volumes continued to disappoint at the local bourse as a mere 23m shares were traded today.
As is the typical case in trading sessions marred by dismal volumes, index heavy scripts like NESTLE and ULEVER were driving the index in terms of points, as both stocks combined to drag the index down by 58 points. Unfortunately, the late trading surge in the Fauji twins and OGDC could not save the local bourse from a negative ending. With its annual Board of Directors’ meeting announced today, FFBL was the market volume leader and propelled 3.4 per cent higher than its previous close.
KSE 100 index closed down 3 points as local investor’s chose to stay sidelined due to the Supreme Court interim order given yesterday. Local funds were rumoured buyers while FII’s were sellers. However, market witnessed a late recovery in fertilizer stocks due to the rumours of healthy year end results and payouts by the fertilizer companies. FFC increased by 2.1 per cent and FFBL by 3.4 per cent. NBP was seen on the weaker scale as the judgment on rental power plant corruption is kept aside that was financed by National bank itself .Volume leaders were FFBL and HUBC.
With the political uncertainty raging strong, we expect the market to remain lackluster until a definite resolution is offered by the Supreme Court, said Ali Hussain, Senior Investment Analyst at HMFS. The KSE 30 index closed at 10068.49 levels with the gain of 7.05 points, while All Share index closed at 7587.83 levels after losing 1.11 points. Total 122 scrips advanced 87 declined and 117 remain unchanged out of total 326 scrips traded.
