Activity at local bourse was confined to second and third tier stock yet again as the top four volume leaders represented 1/3rd of the total turnover. Portfolio rebalancing has cut short the bullish run as savvy locals continue to book profit. Investors even overlooked the strong earnings as PPL succumbed to the selling pressure while other bellwether oil and gas sector stocks mirrored benchmark KSE-100 performance.
The KSE 100 index closed at 11949.75 levels with the loss of 41.63 points, while KSE 30 index lost 49.28 points to close at 11132.12 levels. All Share index closed at 8279.89 levels after losing 26.73 points. Total 106 scrips advanced 136 declined and 93 remain unchanged out of total 335 scrips traded. Rumours of bonus along with the full year results fanned optimism in FFC whilst ENGRO closed in the red zone after significant advancement in last three sessions. Although external account remains highly vulnerable, continued deceleration in inflation has ignited hopes of further rate cut. We reiterate our long view in select stocks with sound fundamentals, said Salman Vidhani, Senior Analyst at HMFS.
