Bears prevail as index plunges by 77 points


Pullback was witnessed at the local bourse in today’s session as KSE-100 index retreated 77 points for the day to close at 11,883 points. Market volumes have also simmered since the exponential surge when the CGT amendment was announcement, and finished the day at 67 million shares.
With an earnings announcement that beat analyst expectations by a long shot, FFC was the undisputed market volume leader with 12 million shares. Lucky Cement also released its earnings estimate today which was in line with analyst expectations. On the other hand, Byco closed six per cent lower on the day as its losses increased from the previous year. While we expect the results season to keep volumes buoyant in the near term, investors don’t appear to be optimistic of the future, which will set the stage for more profit taking, said Ali Hussain, Senior Investment Analyst at HMFS. KSE 100 index closed at 11883.01 levels with the loss of 77.21 points, while KSE 30 index lost 46.06 points to close at 11170.50 levels. All Share index closed at 8231.91 levels after losing 53.91 points. Total 60 scrips advanced 169 declined and 75 remain unchanged out of total 304 scrips traded.