Investor’s continued to fret over political uncertainty and economic slowdown.
Volumes remained lackluster as 104 million shares changed hands. Fauji Fertiliser Limited (FFL) gaining 2.30 percent from the Food sector led the market volumes with 7.4 million shares.
Pakistan Petroleum Limited (PPL) loding 1.28 percent, United Bank Limited (UBL) losing 1.44 percent , Habib Bank Limited (HBL) losing 0.88 percent , HUBC losing 1.59 percent and Pakistan Oil Fields (POL) losing 1.03 percent were among major laggards that dragged the index down by 110 points. On the economic front, Caretaker Minister for Information and Broadcasting has said that over Rs100 billion have been generated so far from the tax amnesty scheme while more amount is expected to come under this scheme.
Selling pressure was witnessed in the banking space where UBL (-1.44%), HBL (-0.88%), BAFL (-0.52%) and MCB (-0.19%) lost value to close in the red trajectory. Cement sector blew hot and cold in today’s trading session where PIOC (+1.90%), MLCF (+0.99%) and FCCL (+1.12%)closed in the green and on the flipside ACPL (-2.93%), KOHC (-2.00%) and CHCC (-1.89%) closed in the red zone.
An equity analyst Maaz Mulla Going expects the market will depict a similar trend therefore, recommend investors to see any upside in the market as an opportunity to sell.
Published in Daily Times, July 4th 2018.
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