Another dull day for KSE 100-share stock trading was seen on Thursday. The day opened to negative points on index, it recovered a bit but the momentum was not maintained thus by end of the day it fell to 49,958.33 points.
As the trading day closed KSE 100-share Index displayed a fall of 204.48 points which makes 0.41% below 50,000.
As per Elixir Securities Pakistan equities experienced another volatile trading day and fell down on profit-taking by the end of it.
Oil stocks opened the day on a negative note. Due to an unexpected increase in US stockpiles investors went through severe loss in global crude oil immediately. Thus an early decline was seen in oil stocks in the stock market trading as per Ali Raza an analyst.
After this loss there was a short timed recovery as United Bank Limited, Pakistan Oilfields, Pakistan Petroleum and Engro Corp gained +0.1%, -0.6%, 0.4% and -0.5% points respectively.
The high points were not sustained for long. By the end of the day the major loss came from Habib Bank which fell to -3%.
Raza said a monotonous trading session is expected on Friday as well, but from next week volumes are expected to rise as highly anticipated power products would get started.
The overall intra-day gain was recorded as +128 points intra-day low was recorded as -287 points, so the day closed by low 204 points at 49,958 as per JS Global analyst Arhum Ghous.
+35 points were collaborated by Searl, Hub Power Company and MCB Bank with +1.88% +0.71% and +0.49% respectively.
-152 points were contributed by Habib Bank Limited, DG Khan Cement and Oil and Gas Development Company with -2.98%, -2.09% -1.03% respectively.
Commercial banks saw a mixed day as MCB, UBL and NBP adding positive points while Allied Bank and Habib bank contributing negative points in the index.
As for the oil companies Pakistan Oilfields and Pakistan Petroleum lost value with -0.60%, -0.43% decline respectively.
Engro Polymer and Chemicals and Descon Oxychem closed at +5%, +5% respectively, showing a better situation as opposed to the falling market.
Compared to Wednesday’s 232 million trading volumes, volumes increased to 268 million shares on Thursday.
377 companies traded shares, 14 remained same, 146 closed higher while 217 saw a low day. Value of shares traded is almost Rs11.8 billion.
With 25.9 million shares Bank of Punjab was the volume leader while with 25.6 million shares Power Cement was second best.
As per the data foreign investors were remaining buyers of Rs1.541 billion during the trading of shares on Thursday.