KSE 100 in a resting state at Mid-day as investors grapple with yesterday’s turmoil

KSE – 100 Index remains unchanged from yesterday’s meltdown closing level during the initial hours of trading today as it trades around the same level at which closed the day before, currently at around 40,312 points. Up till now, 25.59 million shares have been traded in the market. The market seems to be in a resting state as investors are unsure what the verdict on the Avenfield case would bring to the market.

After making a bullish run in the first half an hour of the day’s trading session, the bears brought the index back to around the same level it closed the day before. Intraday high for the day has been recorded at 40,755, touching a low of 40,280 and travelling between the range of 475.13 points.

Sectors within KSE 100 that are at the bottom so far include Food& Personal Care Products, Oil & Gas Marketing Companies and Refinery.

Currently oil benchmark WTI is trading at $73.69 per barrel down 0.6 percent, while BRENT is down by 0.7 percent to $77.68 per barrel. The downward trend is in response to U.S president Donald Trump’s tweet on Twitter that demands Organization of Petroleum Exporting Countries (OPEC) to cut down prices.

The scripts trading at KSE that are at the bottom today in the first half of the current session include Nestle down by 2.65% or Rs 300, Seimens Engineering Company down by Rs 35.26 or 3.47% and Atlas battery Limited down by Rs.21.47 or 5%.

Volume at KSE so far is being led by Pak electron Limited (2.959 million) which is down by 2.41% so far, followed by DG Khan Cement Company (2.311 million) up by 0.33% and Fauji Cement Company Limited (2.098 million) down by 1.12% so far.