Capital markets retreat after staging a rally for two consecutive days

January 16, 2019 (MLN): Having staged a rally of 565 points in the last two days, domestic capital markets retreated by 342 points in today’s trade, as investors indulged in profit taking. The KSE – 100 index marked its closing at 39,271 points, down by 0.86% from yesterday’s closing value.

The index decline was mainly backed by the losses suffered by the Oil & Gas Exploration Companies, along with Commercial Banks, Fertilizer and Cement as together they stripped the index of over 176 points.

The benchmark index rose to an intraday high of 39,622 points and dropped to an intraday low of 39,225 points.

In particular, losses on the scrips of PPL (-1.62%), POL (-1.85%) and ENGRO (-1.14%) navigated the index in red region.

The total volume of shares traded in today’s session fell considerably short of yesterday’s volume. A trading activity of around 69 million shares was witnessed within KSE – 100 today, at PKR 3.9 billion. These volumes were led by KEL, and BOP.

Out of the 90 companies whose shares were traded, only 21 companies’ share prices increased, while 66 companies suffered a decline.

On the other hand, the broader KSE All Share incurred a fallout of 187 points today, marking the day’s end at 28,819 points.

The broader KSE index observed a trade of 92.7 million shares, at PKR 4.6 billion.

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