With local political uncertainty abound, government entered an internal tussle due to which the market opened on a negative note, but recovered later in the day to close 2 points up at 10,904 level.
The KSE 100 index closed at 10,903.88 levels with the gain of 2.12 points, while KSE 30 index lost 28.37 points to close at 10,390.20 levels. All Share index closed at 7,582.42 levels after gaining 1.42 points. Total 95 scrips advanced 98 declined and 82 remained unchanged out of total 275 scrips traded. Volumes remained dull as only 37 million shares were traded. NBP ended the day as the volume leader closing at its lower limit after foreign selling continued in the scrip. Moreover, FFBL also saw good volumes after improvement in DAP off-take numbers were witnessed for July.
Syndicated activity in various high priced stocks by both corporate and high net worth participants allowed the benchmark to reduce losses by day end. However, extended Eid holidays amid high temperatures, gloomy economic and financial horizon disallowed follow-up support to the intra-day recovery. Yet, dividend yielding stocks away from various threats mainly the Fauji group stocks from fertiliser sector continued to invite liquidity generated by sell-off in various front line expensive stocks (termed expensive due to massive curtailment in local strength), thus offering some respite to the traders.
Hasnain Asghar Ali at Aziz Fidahusein said dumping by off-shore participants in front line banking stocks (that have now been joined by the locals on their concerns on rising Non Performing Loans) disallowed even technical recovery in the frontline banking stocks, caution therefore stays the call.
