KARACHI: Shares shed values for the third straight session on Thursday with the KSE-one hundred index giving up 169.06 factors (zero.forty three per cent) to shut at 39,446.70 factors. Over the past three periods, the index conceded 354 factors.
The index caved in after the preliminary 208 level rise. Cements, refineries, OMCs, metal, textile, autos, fertilisers and telecommunications contributed to the index downturn.
But, numerous market watchers singled out cement scrips as main laggards of the day.
Traded quantity declined 10pc to 205 million shares over the sooner day, whereas traded worth elevated 6.6pc to Rs11.three billion.
Overseas buyers bought shares within the small sum of $zero.30m. Cement shares remained within the purple as buyers liquidated buying and selling positions within the sector amidst fears of declined offtakes in July, on account of a attainable dispute over manufacturing preparations between corporations after heavy expansions.
LUCK, DGKC, MLCF, CHCC, FCCL and KOHC have been main losers of the day.
Within the E&P Sector PPL, OGDC and POL up 2.1pc, zero.9pc and zero.5pc closed within the inexperienced zone, as crude oil costs surged to commerce above $forty/bbl degree.
On the flip aspect, different power gamers primarily refineries and OMCs stayed underneath strain. Amongst Banks MCB and HBL weighed down on index positive aspects whereas NBP, BAFL and UBL remained buoyant.
“Main downward strain got here from FML which took away fifty three factors from the KSE-one hundred index adopted by LUCK, DGKC and HBL which shaved 25, 20 and sixteen factors off the index” stated analysts for Intermarket Securities.
“On a constructive aspect E&P contributed probably the most with POL, PPL and OGDC including 36 factors to the index”.
Revealed in Daybreak, August fifth, 2016
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