LAHORE: Pakistan equities fell for the sixth straight session where investors sentiments are getting hammered as revenue/relief measures presented in the budget are revisited by various committees/authorities. Moreover, the absence of any macro side development and rising political noise is also keeping away investors from the market. The index has now lost around 1,476 points or 3 per cent in the last six trading session.
The day ended on a negative note once again with the KSE 100 index closing down 311.56 points (-0.7 per cent) at 44,066.96 mark.
Banking sector’s performance too remained bearish for the sixth consecutive session, as the market expects weaker 2018 earnings outlook due to the provisioning of international operations, the continuation of super tax, and increase in pension obligations of the banks.
Fertilizer sector could not sustain Monday’s performance, where local urea prices improved Rs100/bag. Resultantly, FFC lost 2 per cent on Tuesday followed by Fatima 1 per cent.
Top 5 scrips including MCB (-2.3 per cent), FFC (-2.2 per cent), SNGP (-3.5 per cent), HBL (-0.8 per cent) & ENGRO (-1 per cent) took away 132 points whereas stocks including MARI (+2.8 per cent), POL (+0.5 per cent), JLICL (+3.5 per cent), NATF (+2.3 per cent) & ISL (+0.8 per cent) added 40 points to the index.
Meanwhile, Avenceon (AVN) notified the exchange regarding grant of non-exclusive rights to the company as a distributor of Siemens Schweiz AG for comfort systems and products and fire safety systems and products.
Moreover, Agritech Limited (AGL) notified exchange about the board’s grant to continue the plant and equipment preservation and passivation currently being undertaken in the absence of feed gas.
Technically speaking, the KSE 100 index extended its slide from the previous session as it moves closer to a critical support at 200EMA (43,793). Another negative cross-over of moving averages is in the making between 10EMA (44,895) and 50EMA (44,832) and can potentially push the index even lower.
