KARACHI
Within scale trading was seen as the day progressed, hinting at caution from the investing community. A lack of eye-openers remained true on Tuesday and Wednesday following an eventful Monday which saw an accumulation of positions by local mutual funds & corporations.
The benchmark KSE 100 index, closed at 50,162.81 (+0.04 per cent) gaining only 18.18 points at closing of the session. Trading in the benchmark index was seen between 50,000 and 50,500 range for the day while closing at a similar level as the preceding Tuesday’s session. The KMI 30 index gained only 52.11 points (+0.06 per cent) and the KSE All Share Index was up by 72.14 points (+0.21 per cent).
A total of 184 scripts advanced, 159 declined while 16 remained unchanged. The market volumes slightly increased from 231.7 million to 232.5 million for the day. Highest volumes were recorded in Deewan Farooq Spinning Mill (DFSM -9.86 per cent) followed by Engro Polymer & Chemicals Limited (EPCL +4.98 per cent).
Commercial bank sector and cements shred -0.17 per cent and -0.09 per cent of their respective market capitalizations during the day while Oil & Gas Exploration and Oil & Gas Marketing added 0.69% & 0.07% respectively.
This is an unexpected development. Recently, according to numbers from MOODY’s, Pakistan Stock Exchange must see an upward trajectory. However, the balance is not showing to be true.
The leaders almost remained the leaders, the gainers shed, while the losers stagnated. A mix like this will not add up to the overall economy.
Stock and share trading is one of the most reflective instrument of a country’s overall economic sphere. The capital market is hence the place where investors, creditors and all other stakeholders should have a presence of mind.
