KSE 100-Share Index, in line with international trend, fell by 41 points or 0.1 per cent, as Asian markets along with their counterpart European markets closed in red at the beginning of the week. The decline was mainly due to crude oil slides, as analysts believe that the upcoming oil producers’ talks might have affected the oil market.
KSE 100 index started the week on a sluggish note, fell down to an intraday low and met resistance at 39,254 (-245 points). After the dip, cement and banks helped the market lift the 100 Index to close at 39,457 points.
“Pressure to the downside came on the back of selling in fertilisers, cements and banks. Among fertilisers Engro Corporation Limited (-0.17 per cent) added maximum downside pressure in Monday’s session, but managed to recover from its lows towards the end. Heavy foreign selling on the last trading day of the week coupled with below expectation results due to higher admin cost led to a selloff in ENGRO that has yet to find its bottom,” said a report by Inter-market Security (IM) sales. Other fertilizer companies, Fauji Fertiliser Bin Qasim Limited, Fatima and Engro Fertilizer Limited, closed in red.
Among the cement sector downside came on the back of DG Khan Cement (0.12 per cent) and Kohat Cement Company Lmited (-0.09 per cent), Lucky Cement (0.29 per cent), Maple Leaf Cement (1.73 per cent) and Cherat Cement (0.75 per cent) managed to lift the sector off its lows to trade in the green.
Banks staged a healthy reversal in the latter half with UBL (0.40 per cent), MCB (1.08 per cent) and HBL (0.73 per cent) bouncing off their lows to close in green. Pharmaceuticals firms stood out as the best performing sector on the back of gains in the Searle Company Limited (1.90 per cent), Glaxo Smith Kline (Pakistan) Limited (2.81per cent), Shifa International Hospitals Limited (1.65 per cent) and Highnoon Laboratories Limited (2.13 per cent).
Amtex Limited with 35.11 per cent and Dewan Farooque Spinning Limited with 6.01 per cent remained volume leader in All Share Index with trading activity of 25.6 million, 24.6 million and 11.5 million shares.
Meanwhile, daily traded value declined to $ 50.1 million compared to $ 85.8 million during the previous session.
Meanwhile, according to Insight Securities Benami Transactions (Prohibition) Bill, 2016 also affected the market. The bill has been introduced in parliament to stop black money transactions especially in the real estate market.
