KSE – 100 loses 354 points

KSE – 100 index was down 354 points during the day as index succumbed to profit taking at the week close. With a decline in participation, and value declined significantly during the day.

Energy stocks have seen a significant surge in the recent few weeks as bullish rally in the oil prices continues amid speculations over extensions in cuts from OEPC members and Russia. However, as oil analysts warn the oil markets are expected to face increase volatility in the coming weeks as market awaits OPEC announcement. Citi Group recently warned investors waiting to capitalizing on the OEPC announcement might be in for a disappointment as US output increases in the wake of higher prices may offset the gains.

Cement, Commercial Banks, Fertilizer and Oil & Gas Marketing Companies sector scrips took the index downward during the session taking away more than 236 points from the index. Index participation was significantly weaker today.

Sector-wise all share index turnover was led by Engineering (17.154 million), Textile Composite (17.124 million), and Oil & Gas Marketing Cos. (14.140 million) stocks, and with Glass & Ceramics (5.843 million) and Technology & Communication (5.775 million) stocks trailing at the bottom.

KSE-100 Index at the day end moved a total of -354.46 points down by 0.85%, closing at 41435.70 points. Index Volume was 54.435 million shares, value of shares traded was PKR 4.180 billion with index high-low range of 41836.35 – 41390.81.

The index movement was limited within the 445.54 points range.

30 companies closed up, whereas 55 were down at the day end.