Dull activity forges ahead as bears dominate the index

October 03, 2018 (MLN): The bearish momentum jeopardized the benchmark index today, as it lost further 240 points to close in at 40,560.19 points. Incessant dull trading activity reflected fears and concerns of the participants with regards to management of economic.

Moreover, technical analysis indicates that if this bearish trend continues, the market may fall into a long term recession, which may cause further price erosion.

Commercial Banks and Oil & Gas exploration Companies mainly slackened the pace of the trading activity by 0.59%, as they collectively took away over 160 points from the index.

Precisely, the losses on PPL (-1.53%), OGDC (-0.88%), MCB (-1.04%) and ENGRO (-0.86%) brought about the index’s stay in the red region.

Confined within a range of 367 points, the index rose to an intraday high of 40,838 points and dipped to an intraday low of 40,471 points. With respect to volume, around 52 million shares of the companies listed on KSE-100 were traded with a worth of around Rs. 2.4 billion.

On the other hand, the broader KSE All Share remained on neutral grounds as it only shed 84 points by the day end, closing in at 29,692 points. An intraday high of 29,793 points was recorded for the KSE All Share index, while the intraday low sunk to 29,618 points today.

Over 89 million shares of the scrips listed within the broader KSE All Share Index were traded today, with its value recorded at Rs.3.3 billion.

The total number of companies traded today were 306 out of which 104 closed up, 183 closed down while 19 remained unchanged from their previous stock prices.

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Posted on: 2018-10-03T17:42:00+05:00