After a massive rise in Stock market on Monday, it again faced an unstable session on Tuesday. The index fluctuated between red and green zones and by the end of the day it settled to somewhat above Monday’s close.
Statistically as Tuesday ended KSE 100 gained 23.70 points. This amounts to an increase by 0.05%. The day closed at 50,144.63.
Dull trading day:
As per report by Elixir Securities Pakistan equities didn’t change much, less than 90 million shares changed hands. So it was quite a boring trading session.
As per an analyst Ali Raza, the momentum of stock market was not carried on as was seen on Monday. The bench mark index just kept swinging between red and green zones, provided quite a dull trading day.
Which sectors rose and which didn’t?
He further said that oil stock trading was lower as the day closed. Also fear of disturbance from supply of LNG from Qatar had a negative impact on Sui Northern Gas Pipelines and Engro Corp with -2.9% and -0.5% respectively. The trading was steady and stable in Habib Bank, Lucky Cement, DG Khan Cement and Maple Leaf Cement with +1.5%, +1.4%, +1.6% and +3.1% respectively. As the company of Kohat Cement announced that it would grow its present capacity by 83% this aspect was displayed in its stock market status as it surged to +1.6%.
The overall day of Tuesday was quite unstable as KSE-100 index rose by +190 points while simultaneously faced an intra-day low of -201 points. The final close was of 24 points up at 50,144.
The reason for a negative point in oil prices in due to the political tension present between Arab countries and Qatar.
The cement sector saw a steady momentum because of buzzes of rise in their product prices. The analyst said that it is expected that the market would show volatility in upcoming days as well.
Summarizing the whole day, 365 companies traded, out of which 149 stocks rose, 197 declined and 19 were same. Rs13.5 billion share was traded on Tuesday. The volume leader was Engro Polymer with 15.99 million shares achieving gain of Rs1.64 and closed at Rs34.56