KARACHI: Pakistan equities closed on Wednesday little changed with turnover in wider market again painting a dreary picture as just about $37 million worth of shares exchanged hands on KSE All Shares Index. Benchmark KSE-100 Index witnessed range-bound trading, with the index ending the session little changed, shedding 38 points as stock and sector specific performance varied drastically.Trading day kicked off flat with little activity in wider market and market hovering near Tuesday’s close. Afterwards, sharp losses in Sui Northern Gas (SNGP PA -4.7%) and Kot Addu Power (KAPCO PA -5%) dragged KSE-100 Index to 39,800points; the former was on seller’s radars due to concerns on proposed downward revision in tariff by oil & gas regulator; while the latter tanked on heavy selling reportedly from local institutional investors amid concerns over plant’s going continuity as government aims to shut old power plants. “Stocks fell lower on investor concerns for economic uncertainty. Trade was led by second & third tier scrips on strong valuations. Dismal data on CPI inflation for November 2017 at 3.97pc, weak global crude oil prices, concerns for surging current account and trade deficit played a catalytic role in bearish close”, Ahsan Mehanti, senior analyst, said.Although Pakistan’s volumes sustained previous day’s levels, value traded shed 36% to an abysmally low $37.3 million. This was the fourth session in 2017 which traded under $40 million, indicating low institutional interest while individuals were busy gambling in penny stocks. Worldcall (WTL +6.3%) traded 24 million shares as punters bet on an anticipated one-time gain. JPGL (+23%) gained another 53 paisa with 19 million shares traded as speculators risked it all on the shuttered IPP. KEL (+1.4%) traded 15 million shares as in the MYT hearing yesterday bankers said KEL would have difficulty raising financing under new tariff. These three made up 40% of the volume. SNGP (-4.7%) fell below Rs100 per share after 211 sessions since Jan 31, as people allegedly came to the consensus at public hearing that the new tariff would be detrimental to profitability. “Meanwhile, KAPCO (-5%), considered to be one of the safest investments given its low price volatility and high dividend yield, came under the gun as anecdotal reports suggested heavyweight selling given outlook expiry of PPA in FY21 and bleak outlook of oil plants (albeit it’s the largest IPP, multi-fuel fired and efficient),” analysts at Topline securities commented.Published in Daily Times, December 7th 2017.