Closing Bell: Bearish spell continues for the ninth session out of last ten

Global Stocks rally on strong jobs data

September 10, 2018 (MLN): Trading at the Pakistan Stock Exchange stood to its guns as the benchmark KSE 100 index landed in the red zone yet once again, losing 170.72 points to close Monday’s session at 40,684.05 against last trading session’s closing at 40,855 points.

The index remained negative throughout the day heading for major losses during the earlier part of the day in the backdrop of an uncertain environment before the outcomes of the ECC meeting were brought into the spotlight, touching an intraday low of 40,369.17 and having travelled a range of 558.32 points. Losses on the market however recovered following ECC’s announcement that it will not be raising gas prices immediately, bringing some much-needed relief to the stock market thereafter.

The day’s trading session marks the ninth round out of the last ten trading sessions in which the index has landed in the bearish territory, having lost over 2,000 points since August 28, 2018.

During the session, scrips of 90 of the companies listed within KSE – 100 saw trading activity with total volume of around 60.2 million shares, at a value worth PKR 3 billion.

Despite the negative outcome, the market had significantly improved throughout the day due to today’s ECC meeting which highlighted matters regarding gas allocation to fertilizer companies, import of Urea and increase in gas tariff for industrial and life line consumers.

Commercial Banks, Tobacco, and Oil & Gas Marketing companies emerged as the top net losers, having contributed a total of 166 points in the market (KSE-100) decline.

Among the index heavy weights, losses on HBL (-2.5%), PAKT (-5%), BAHL (-1.58%), PPL (-0.88%), and ENGRO (-0.82%) drove the losses on the index while FFC (+0.94%), TRG (+3.91%) and DAWH (+1.34%) emerged as the outperformers today.

Meanwhile, the KSE All Share Index too shed 205 points and dropped below the 30,000 points mark to close the session at 29,773 points.

Having travelled within the range of 448 points, the broader KSE index had peaked to an intraday high of 30,018 points during the day and touched an intraday low of 29,570.

Within KSE All Share, the total volume traded during the day is recorded at 112.5 million shares, while its value logged in at PKR 4.2 billion. Total companies traded on PSX were 304 out of which 118 closed in the positive, 168 closed in the negative, while 18 remained unchanged, with respect to the change in their stock prices.

Copyright Mettis Link News

Posted on: 2018-09-10T18:27:00+05:00

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