KSE-100 index observed a volatile session in the market

During the day, KSE-100 index observed a volatile session in the market, trading volume decreased by 5.195 million shares during the current trading session.

Whereas the Bench mark KSE-100 index opened at 44750.79, posted a day high of 44779.68 and a day low of 44470.80 with a net change of -209.73 points and a net trading volume of 68.520 million. Daily trading volume of KSE 100 dropped by 5.195 million shares or -7.05% on DoD basis.

Some major sectors were down which have pushed the index in a bearish trend specially commercial banks were down due to the yesterday’s news of imposition of the additional Super Tax that is imposed on Commercial Banks and the Moody’s rating. Commercial Banks contributes more than 124.31 points in pushing the index in the bearish zone. Tobacco and Cement sector pushed the index downwards by 29.21 and 28.29 points respectively. They were down due to the immediate increase in federal Excise duty and Oil and Gas Exploration sector was down by 23.69 points because of the market sentiment.

 The laggards for the day was HBL (down by 1.75% and contributed -48.58 points), UBL (down by 3.10% and contributed -59.75 points), Pakistan Tobacco (PAKT) (down by 4.97% and contributed -28.29 points).

The net gainers who have pushed the index in upward direction are Hascol (up by 1.86% and contributed 5.78 points), GLAXO (up by1.46% and contributed 2.88 points) and HCAR (up by 0.96% and contributed 2.68 points).

Moving forward, in the coming sessions the market is expected to remain volatile.