Midday Report: Investors make camp on low confidence

August 16, 2019 (MLN): The stock market’s first trading session in a week operated at a ridiculously dull pace during early hours while the confidence level of the market participants seemed to be lying on very thin ice.

Trading at 29,062 points, the KSE – 100 index had lost 366 points or 1.25% as of 10:50 am (PST), while the intraday low had already breached the 29,000 point mark, having logged in at 28,976 points.

Among the sectors responsible for the index’s dismal performance, Commercial Banks stood on top of the pyramid with a takeaway of 131 points, followed by Oil & Gas Exploration Companies with 88 points and Fertilizer with 82 points.

Just in at 11:30 am – PST:

KSE – 100 index went on to slip below 29,000 points as it is currently trading at 28,964 points which is the lowest intraday trading level since March 31, 2015. The index has shed 464 points from last closing and is down by 1.55%.

Update at the end the first half i.e. 12:00 pm – PST:

Extending the sell-off bit by bit, the benchmark index closed the first of the day at 28,935 points, down by 493 points or 1.7% over the last closing.

The intraday low as of now stands at 28,903 points while the market participants have traded within a range of 525 points.

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