Tuesday was a recovery day for trading but stock market was not able to make use of those gains on Wednesday and the market recorded its unstable session on index.
Initially KSE 100-share Index gained 500 points but from then it was just a downhill for stock trading market. As the day closed KSE-100 index fell to 462.40 points that is 0.96%. It closed at 47,608.64.
As per Elixir Securities report Pakistan equities couldn’t capitalize on Tuesday’s gains.
Those that closed in red zone:
|Oil and Gas Development Company||-1.4%|
Closed in green zone:
Habib Bank = +1.87%
It closed in the green zone because of appealing valuations and investor confidence.
Reason for volatile day:
Political tension, PM Nawaz is expected to clarify his position in Panama case JIT
Intra-day high: 531 points
Intra-day low: -586
Closed at: 47,609, 462 points
In initial hours gain was due to news that government has brought better changes in CGT structure for equity stakeholders.
After that loss was due to fall in oil in global commodity market.
Investors should remain cautious due to political instability in current times. Don’t take short term positions.
Trading volumes went down to 255 million shares in comparison to Tuesday’s shares of 317 million.
Total companies traded: 361
Stocks closed higher: 76
Stocks closed lower: 267
Remained same: 18
Value of shares traded: Rs10.4 billion
Volume leader was Power Cement with 59.5 million shares followed by The Bank of Punjab with 19.6 million shares. Third position was of Dost Steels with 17.6 million shares.
As per data preserved by the National Clearing Company of Pakistan Limited foreign official investors were remaining buyers of Rs360 million.