Closing Bell: KSE 100 dips again as uncertainty strikes back

Global Stocks rally on strong jobs data

September 12, 2018 (MLN): Pakistan’s stock market index, KSE-100 ended the day in the red region once more, reversing gains made the day before, as the index lost 237.49 points, down by 0.58% to close the day at 40,522 points.

Bound within a range of 400 points, the 100 – index touched an intraday high of 40,824 points and an intraday low of 40,424 points today, while the scrips listed within KSE – 100 witnessed a trading activity of 69.6 million shares, at a value worth PKR 3.7 billion.

The negative sentiments spread amongst investors as a result of the pressure faced by the benchmark index ahead of upcoming budgetary measures, which are expected to be announced in a parliamentary session on Friday. Apart from fears of a cut in PSDP, there were also fears that detrimental measures to increase taxes will be introduced by the government.

Emerging as the worst performing sectors of the day, Commercial Banks, Fertilizer and Cement collectively took away over 156 points from the KSE – 100 index.

Losses on blue chip stocks drove the index with LUCK (-2.94%), FFC (-1.87%), MTL (-4.66%), UBL (-1.5%), NESTLE (-5%) and ENGRO (-1.2%), causing major runs on the index.

On the other hand, the broader KSE All Share shed 194.33 points by the day end, closing in at 29,654 points, down by 0.65%. An intraday high of 29,899 points was recorded for the KSE All Share index, while the intraday low sunk to 29,598 points today.

Over 136.8 million shares of the scrips listed within the broader KSE All Share Index were traded today, with its value recorded at Rs.5.3 billion. Moreover, Commercial banks ended up as the volume leader at PSX today.

The total number of companies traded today were 304 out of which 93 closed up, 192 closed down while 19 remained unchanged from their previous stock prices.

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Posted on: 2018-09-12T18:00:00+05:00