LAHORE: Investors maintained a safe distance from the bourse and those that traded were in a bearish mood. Political disturbance and shattered confidence in the economic outlook of the country has fueled a wave of disappointment among investors.
The KSE 100 index flushed another 358.24 points to drop to 40,585.54, intraday low. It settled lower by 280.99 points to 40,662.79. The KMI 30 index fell 563.15 points to 69,986.46 while the KSE All Share Index was at a loss of 123.60 points. The advancers to decliners ratio stood at 140 to 188.
The market volumes nosedived from 140.86 million in the previous session to 90.37 million. This makes it a fall of 36 per cent. Carrying yesterday’s negative momentum, after ENGRO (ENGRO -2.71 per cent) traded only 0.67 million shares yesterday at limit down, today value buyers scooped up 9 million shares worth $ 22 million of ENGRO, resultantly it only shed 2.2 per cent after opening at the lower circuit. Azgard Nine Limited (ANL -1.59 per cent) followed with 7.01 million shares exchanging hands.
Meanwhile, news of super tax imposition on banking sector resurfaced, denting investor sentiments and resultantly banks were down as well. Traded volumes declined by 35 per cent while value was up 16 per cent to $ 64.5 million out of which ENGRO was 35 per cent.
Worst index point performers were HBL (-1.6 per cent), OGDC (-2.4 per cent), ENGRO (-2.2 per cent), MCB (-2.4 per cent) and PPL (-1.1 per cent) withholding 227points while MARI (+3.4 per cent), PAKT (+5 per cent), COLG (+4.9 per cent), SNGP (+1.3 per cent) & BAHL (+0.9 per cent) added 64 points.
On the sector front; Commercial bank eroded 117 points, E&P took away 79 points and Fertilizer shed 46 points; while on the other hand tobacco, chemical, refinery and engineering cumulatively contributed 32 points.
Foreign were net sellers of $ 5.1 million, selling was concentrated in Banks $ 2.8 million, Fertilizer $ 2.1 million & Cement $ 1.2 million).
The sugar and allied industries sector were top decliner for the session, cumulative market capitalisation of the sector contracted by 2.70 per cent.
Further, international oil prices shed $ 1.5 overnight as IEA lowered its demand forecast; subsequently, pressure was witnessed in E&Ps. Oil and Gas Exploration Sector toppled off 1.40 per cent despite Mari Petroleum Company Limited (MARI +3.13 per cent) declaring the new discovery. The company notified the exchange regarding a new significant gas discovery resulting from its new exploratory efforts at the Tipu-1 exploration well, drilled in Mari D&P Lease Area, located in district Ghotki, Sindh.
Dynea Pakistan Limited (DYNO +3.40 per cent) announced that the company’s production facilities of Formaldehyde Aminoplast Compound and Resin, located at Gadoon unit, having a capacity of 50,000 metric tonnes, 6,000 metric tonnes and 30,000 metric tonnes respectively, have commenced commercial production from November 15, 2017.
Meanwhile, in the coming days, the market is expected to take an interesting turn based on the political scene within the country, as NAB has formally begun the trial on corruption references against the Sharif family. Although former prime minister Nawaz Sharif and his daughter Maryam Nawaz have been granted exemption from the appearance by the accountability court.
