The Pakistan Inventory Trade began the week on a bearish observe, with the benchmark KSE-one hundred Index dropping 536 factors, or 1.09pc, by the top of buying and selling to succeed in forty eight,655.seventy two.
“KSE-one hundred shed 536 factors […] amid lowest volumes since July four, 2016, as buyers & merchants alike took to the sidelines, choosing a wait and see strategy on considerations over a regulatory crackdown, dealer defaults and the decision pending within the Panama Case,” learn a notice issued by Topline Securities.
Volumes have been led by the engineering sector, adopted by refinery and business banking shares, because the benchmark index slipped under forty nine,000 factors but once more.
Volumes plunged to 50 million shares, with a complete value of solely Rs4.ninety nine billion.
“Low volumes with declining international oil costs led the decline within the index,” Hammad Aman of Topline Securities stated.
General, shares of 384 corporations have been traded on the trade, of which seventy seven gained in worth, 290 declined and 17 remained unchanged.
Volumes have been led by:
Aisha Metal Mill: 10.6m shares traded (+three.64pc);
Pak Refinery: 9.99m shares traded (-four.99pc);
Dost Steels Ltd: 9m shares traded (-zero.49pc);
Okay-Electrical Ltd: 7.42m shares traded (+zero.42pc); and,
TRG Pak Ltd: 7.01m shares traded (-four.34pc).
“Shares fell sharply decrease amid strain in scrips throughout the board on revenue taking within the submit incomes season,” stated analyst Ahsan Mehanti.
“Upbeat knowledge on auto gross sales in Feb 2017 did not help falling auto shares,” he added.
“[A] document fall in international crude costs and uncertainty over the result of ongoing regulatory [scrutiny] on non-compliant brokers performed a catalyst position within the bearish shut.”
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