KARACHI: The inventory market endured one other spherical of lifeless buying and selling on Thursday because the benchmark index as soon as once more retreated into the crimson territory.
The KSE-100 index traded in a slim vary within the early hours of buying and selling amid lack of curiosity on the a part of traders. Nevertheless, by noon the index shed practically 170 factors as promoting strain persevered. Promoting in blue chips was extra pronounced, triggered primarily by exercise in Oil and Gas Development Company (OGDC) inventory.
In line with a report of AHL Analysis, the cement sector, which sustained strain in previous periods, buckled underneath the strain and inventory costs got here down by the top of the session regardless of a continued decline in international coal prices.
On the finish of buying and selling, the benchmark KSE 100-share Index recorded a lower of 120.32 factors, or zero.31%, to settle at 38,808.61.
Topline Securities, in its report, said that the market maintained its boring momentum with eight% decline in buying and selling volumes as information about non-materialisation of a $three.2-billion oil facility from the United Arab Emirates (UAE) saved traders on the sidelines.
“Resultantly, the market closed on the 10-session low of 38,809 factors, down zero.three%,” the report added.
Small shares like The Bank of Punjab, Unity Foods and Lotte Chemical cumulatively contributed 40% to the entire volumes. Moreover, NetSol notified the inventory trade about implementation of its new contract in China for a German auto producer, which helped the inventory to achieve round four% in intra-day buying and selling.
Amongst laggards, cement and exploration and manufacturing shares struck 43 and 31 factors respectively off the index whereas fertiliser corporations added 15 factors.
Total, buying and selling volumes decreased to 85.9 million shares in contrast with Wednesday’s tally of 93.5 million. The worth of shares traded in the course of the day was Rs3.three billion.
Shares of 329 corporations have been traded. On the finish of the day, 106 shares closed increased, 212 declined and 11 remained unchanged.
The Bank of Punjab was the quantity chief with 18.5 million shares, dropping Rs0.04 to shut at Rs14.37. It was adopted by Unity Meals with 11.eight million shares, gaining Re1 to shut at Rs14.17 and OGDC with four.7 million shares, dropping Rs2.08 to shut at Rs142.94.
Overseas institutional traders have been internet sellers of Rs1.15 billion value of shares in the course of the buying and selling session, in keeping with knowledge compiled by the National Clearing Company of Pakistan.