Closing Bell: KSE-100 Index down; loses 77.42, -0.18%

Carrying forward the oi prices rally prompted by Kurdish referendum, index began the day with a rally only to lose points at the day end. As the prices went up, the oil stocks witnessed an upward rally, OGDC (+0.49%), POL (+3.53%) and PPL (+1.25%) closed the session in positive. MARI (+0.10%) was on a different trajectory as it goes through a bidding process to offload Government stake by up to 19 percent.

However, on the flipside Fertilizer stocks witnessed profit taking after a rally instigated by rising prices for Urea Spot in the international markets. Despite, NFDC numbers revealing a substantial increase in Fertilizer Sales from the same Kharif season in 2016, FFC (-0.41%), FFBL (-0.52%), EFERT (-0.52%) and DAWH (-2.60%) closed the day in red.

KSE-100 Index participation inclined to 93.91 million shares up from 67.65 million shares yesterday (last session).

President of the Federation of Pakistan Chambers of Commerce and Industry Zubair Tufail has said Pakistan offers huge opportunities to foreign investors in the agriculture sector that include crops, seeds, livestock, farming, and processing. He said that, foreign investors could generate handsome profits by investing in Pakistan and export their products to Iran, Afghanistan, Middle East, Central Asia, EU, US and many other countries.

In the commodities markets, Gold steadied on Wednesday after reaching its highest in weeks ever since tensions started mounting again over the Korean and US war of words. Investors flocked to safe investments, as equities saw a decline after announcements making war claims were sent out by North Korean Government via Twitter. Spot gold was nearly unchanged at $1,310.01 per ounce at 0636 GMT, after earlier marking its highest since Sept. 20 at $1,313.54. It gained over 1 percent in the previous session. U.S. gold futures for December delivery rose 0.2 percent to $1,313.70 per ounce.

Pakistan Suzuki Motors Co. Ltd. (PSMC) informed stakeholders that, it plans to seek approval through special resolution as required under The Companies Act, to issue Corporate Guarantee of up to Rs. 744,000,000 to Meezan Bank Ltd. for Tecno Auto Glass Ltd. (TAG), an associated company in respect of financing facilities for setting up plant of automobile glass.

KSE-100 Index at the day end lost a total of 77.42 points down by 0.18%, closing at 42666.23 points. Index Volume was 93.91 million shares, value of shares traded was PKR 6.17 billion with index low-high range of 42599.64 – 42957.71.

127 companies closed up, whereas 223 were down at the day end.