Daily Times

KARACHI: The Pakistan equity market failed to carry the momentum generated in Tuesday’s session as volatility prevailed on Wednesday at the Pakistan Stock Exchange (PSX) with relatively lower volumes of 131 million shares.

The KSE-100 index made an intraday high of +316 points and an intraday low of -68 points to close at 42,772 points level, up 27 points.

Profit booking was seen in the market where investors started reducing intraday positions. Despite mundane activity in the market, market appeared to consolidate as prices have fallen down to extremely attractive levels. Commercial banks’ heavyweights closed mixed cumulatively contributing +46 points to the index.

MCB gaining 1.34 percent, National Bank of Pakistan (NBP) gaining 2.81 percent and Allied Bank Limited (ABL) 1.11 percent closed in the green, while on the flipside Habib Metropolitan Bank Limited (HMB) losing 0.45 percent, Habib Bank Limited (HBL) losing 0.06 percent and United Bank Limited (UBL) losing 0.67 percent closed in the red zone. On the other hand, losses in the Exploration and Production (E&P) sector dragged down the benchmark index by -25 points as oil closed lower pulling back from its strongest levels in three-and-a-half-years. Oil and Gas Development Company (OGDC) losing 0.46 percent, Pakistan Oil Fields (POL) 0.53 percent and Pakistan Petroleum Limited (PPL) 0.28 percent were the major losers in the aforementioned sector. Cement sector remained under pressure where heavyweights such as Lucky Cement with 1.21 percent declines , DG Khan percent with 0.99 percent decline, Fauji Cement Company Limited (FCCL) with 0.43 percent decline and Pioneer Cement with 0.55 percent lost value to close in the red zone.

Volume leader for the day was Faysal Bank Limited with 18 million shares of the bank changing hands. An equity analyst Maaz Mulla expects market to remain volatile with flows from local institutions and foreigners directing the market.

KSE All Share went up 122 points while KSE-100 swelled by 27 points. Similarly, KSE-30 surged by 5 points and KMI All Share down registered 14 points growth, yet KMI-30 went down 183 points.

Total volume traded was approximately 131 million in KSE-All-Share Index, 77 million in KSE-100 Index, 44 million in KSE-30 Index, 54 million in KMI-All-Share Index and 34 million in KMI-30 Index. A total of 163 scrips gained whereas 162 scrips lost during the trading hours. A total of 12 scrips remained unchanged.

Published in Daily Times, May 24^th 2018.