KARACHI
Local investors and funds remained cautious, citing political disturbances while foreign investors accumulated at lower levels, according to data maintained by the National Clearing Company of Pakistan on Thursday. The stock market opened the day even lower than the previous close on the morning when the prime minster was scheduled to appear before a team investigating wealth of himself and his family.
The downturn was short lived and soon the KSE 100 index pulled back into the green zone to record an intraday high of 48,088.63, up 479.99 points. The index fell from there on to its intraday low of 47,369.87, down 237.77 points. The KMI 30 index gathered 1.50pc during the session but laid it all off to close lower by 0.30% while the KSE All Share Index fell short of 0.16pc. A total of 183 scripts advanced while 151 declined.
Market volume of 355.32 million was recorded at 31pc, 109.86 million, contributed by Power Cement Limited (R ). This is more than the cumulative volume of all scripts in the KSE 100 index, volume 107.37 million. The volume leader fell 71.43pc to close at Rs 0.06. K-Electric Limited (KEL +3.27pc) followed, volume 37.92 million, as buying was witnessed in the script after Wednesday’s public announcement from Shanghai Electric reassuring its intention of acquiring stakes in the company.
High market capitalization sectors were seen depreciating again. The commercial bank sector had a 0.38pc decline in its market capitalization after large banks ended little changed. Habib Bank Limited (HBL) inched up only 0.46pc, MCB Bank Limited (MCB) moved up by a minor 0.06pc while United Bank Limited (UBL) dropped 2.79pc.
The oil and gas exploration sector shed 1.09pc from its market cap. Pakistan Oilfields Limited (POL +2.57pc) was the only script to elevate. Pakistan Petroleum Limited (PPL) lost 1.64pc and Oil and Gas Development Company (OGDC) dived 1.37pc.
The State Bank of Pakistan has granted final approval to Silk Bank Limited (SILK +1.97pc) for issuance of Rated, Privately Placed, Unsecured and Subordinated Term Finance Certificates (TFCs) of Rs 2 billion subject to compliance with relevant laws, rules and regulations.
