LAHORE
Uncertainty does not seem to be fading out anytime soon, and neither is the fortune opening up for investors at the Pakistan Stock Exchange (PSX). After Tuesday’s session kindled a candle of hope, Wednesday’s was back to routine.
The market, looked volatile right from the word go, lacking a clear direction. The benchmark KSE 100 index kept swinging to both sides and finally rested lower. As the hearing continues in Islamabad, investors on the floor in Karachi remain unsure of what the possible outcome shall be. In the meantime, some preferred to stay on the sidelines while others decided to grab any profit that remains.
Noise from the economic front isn’t encouraging either, foreign reserves are falling, the current-account deficit has more than doubled in less than a year and both after the International Monetary Fund, Moody’s Investors Service now have also termed the rupee overvalued as much as 20 per cent.
The benchmark KSE 100 index dropped 339.21 points intraday and elevated by 172.44 points before it landed down 217.66 points at 45,418.70. The KMI 30 index depreciated by 638.64 points to reduce to 77,264.70, while, the KSE All Share Index shed 69.89 points. The advancer to decliner ratio stood at 148 to 200.
The market volumes stretched to 165.52 million with TRG Pakistan Limited (TRG +0.34 per cent) in the lead. The script saw 14.10 million shares exchange hands. K-Electric Limited (KEL -3.14 per cent) was next with 11.61 million shares exchange hands.
Mari Petroleum Company Limited (MARI +2.54 per cent) notified the exchange of having signed a letter of intent with Tullow Pakistan (Development) Ltd. for proposed acquisition by Mari Petroleum Company of following working interests in different blocks from Tullow; 20 per cent Working Interest in Bannu West Block, KPK & FATA, 95 per cent Working Interest in Block 28, Balochistan and 30 per cent Working Interest in Kalchas Block, Balochistan & Punjab.Management of Pakistan Telecommunication Company Limited (PTC +0.28 per cent) has declared its financial results for the second quarter of
Management of Pakistan Telecommunication Company Limited (PTC +0.28 per cent) has declared its financial results for the second quarter of fiscal year 2017. The company reported earnings per share of Rs 0.50 with no payout.
The stock market is still the victim of political uncertainty and investor skepticism. As the Supreme Court of Pakistan witnesses criminal proceedings against the Premier of Pakistan, Mian Muhammad Nawaz Sharif, the stock market will not climb back to normal any time soon. Even near normal, seems elusive.
