Daily Times

The stock market remained directionless on Thursday with the KSE-100 index closing down by 81.07 points at 45,230.18 level after trading in a narrow band.

On Thursday, the benchmark KSE-100 opened on a positive note, but later in the session it lost the track and succumbed to selling pressure owing to rising uncertainty.

Investors kick started the session on a cheerful note from the previous session owing to growth in the large-scale manufacturing (LSM) sector, which posted a 7.45 per cent surge in the first eight-month (Jul-Feb) of current fiscal year 2021, and up gradation of GDP growth to an estimated 3 per cent GDP growth for the ongoing fiscal year (FY21) and 4.2pc GDP growth for the next fiscal year (FY22).

However, investor sentiments felt a slippery slope owing to rising to unstable law and order situation amid likely ban on a religious political party by the government. Moreover, imposition of further restrictions and SOPs implementation for the coming period amid surging COVID cases also hampered investors’ morale.

The new set of SOPs are announced as Pakistan recorded 5,395 new coronavirus cases in the last 24 hours, taking the country’s Covid-19 tally to 739,818.

During the session Market Capital decreased by Rs.18.42 billion, while total value traded decreased by 3.84 billion to Rs.12.60 billion.

The volume chart was led by Telecard Limited followed by Worldcall Telecom Limited and Hum Network Limited. The scrips exchanged 73.57 million, 64.88 million and 17.37 million shares, respectively.

According to the National Clearing Company of Pakistan Limited (NCCPL) foreign investors were net buyers of $1.23 million worth of equities. Among local investors, Brokers and Companies led the selling chart, which offloaded $3.4 million, $0.83 million worth of equities.

During the session, sectors which dented the index were Cement with 35 points, Commercial Banks with 32 points, Technology & Communication with 18 points, Power Generation & Distribution with 10 points and Automobile Parts & Accessories with 6 points. Among the scrips, the most points taken off the index was by TRG Pakistan which stripped the index of 17 points followed by Lucky Cement with 17 points, Bank Al Habib Limited with 14 points, Habib Bank Limited with 14 points and Jubilee Life Insurance Company Limited with 8 points.

However, the sectors which lifted the index were Fertilizer with 21 points, Oil & Gas Exploration Companies with 13 points, Tobacco with 7 points, Oil & Gas Marketing Companies with 4 points and Chemical with 3 points. Among the scrips, the most points added to the index was by Oil & Gas Development Company Limited which contributed 16 points followed by Fauji Fertilizer Company Limited with 13 points, Engro Corporation Limited with 8 points, Pakistan Tobacco Company Limited with 7 points and Cherat Cement Company Limited with 7 points.