Bulls fail to divert momentum as the stock market enters consolidation

The final trading session of the week has been under pressure as negative sentiments are prevailing within the market, with the benchmark KSE – 100 index presently tilted towards the bears.

The index opened around yesterday’s closing level, and saw a failed attempt by the bulls to change the momentum by climbing the 42,000 mark during the initial hours of the trading session.

Having lost about 17 points from yesterday’s closing value, the 100 – index is currently trading at 41,846 points, down by 0.04% as investors enter a state of consolidation after three consecutive sessions of bearish trading activity.

An intraday high of 42,006 points, while an intraday low of 41,844 points has been touched by the index, by far, as it travels within a range of 161 points.

As of now, 29.3 million shares have been traded of the companies listed within KSE – 100. The value of these traded shares is recorded at PKR 1.8 billion.

Sector wise, Tobacco and Oil & Gas Exploration Companies are the most generously contributing sectors within KSE – 100 so far, having contributed 47 points to the index as of now.

Meanwhile, Power Generation & Distribution has taken away 19 points from the index, thereby emerging as the worst performing sector, during the initial hours.

The broader KSE All Share on the other hand has gained 84 points and is currently trading at 30,729 points.

KSE All Share index has touched an intraday high of 30,804 points and an intraday low of 30,645 points as it oscillates within a range of 159 points.

Within KSE, 53.9 million shares, at PKR 2.4 billion, have been traded by now.

Among the constituents within KSE All Share, Pakistan Tobacco is ruling the net gains in terms of change in its stock price, which rose by Rs.96.

In contrast, Premium Textile Limited has lost Rs.13 and is trading as the top net loser.

Engro Fertilizer on the other hand, has traded the largest volume of shares by now.

Copyright Mettis Link News

Posted on: 2018-08-31T11:43:00+05:00

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