Daily Stock Report: Market Dips into the Red Again
3 weeks ago
Pakistan Stock Exchange witnessed a bearish session today. Although the KSE-100 Index opened positive with a gain of over 79 points in the first few hours, it failed to retain the growth and dipped by 527.47 points to close in red at 40316.93 levels.
Trading activity dropped again at the stock market on Monday over the political noise and religious parties’ sit-in from Islamabad’s Faizabad Interchange.
Despite opening in the green zone, the benchmark index started falling around midday and continued the downward trajectory till the close of session. A lack of serious buyers caused a majority of stocks, especially the notable ones, to shed points.
At the PSX, the story hasn’t changed. At the start of this month, this column said it expected the benchmark index to exhibit a range-bound, bear-dominated behaviour with short-lived upward spikes due to momentary lapse of reason. In that light, there hasn’t been any surprise since then.
Daily trading volume has thinned to an average of 53 million (KSE-100) as against 72-75 million in the preceding two months, and 92 million in August 2017
The benchmark index made intraday high of 79 points during the day today. Whereas the market went down to the intraday low of -584 points
The major dent to the market came from PSO (32.27 points), NESTLE (27.99 points), ENGRO (24.30 points), (MARI 20.01 points) and POL (19.95 Points)
A Major dent came from the Refinery sector as most of the scripts were in Red today.
All shares index had a traded volume of just 94 million shares today. Overall, stocks of 335 companies were traded on the exchange, of which 76 gained in value, 237 declined and 22 remained unchanged. In KSE 100, 44.34 million shares were traded with a net worth of just Rs. 3.43 billion.
Top traded sectors:
TRG Pak Ltd was the volume 13.03 million shares, losing Rs. 1.55 to close at Rs. 35.24. It was followed by Dost Steel Ltd with 8.12 million shares, gaining Rs. 0.12 to close at Rs. 13.42, Azgard Nine with 6.29 million shares, losing Rs 0.56 to close at Rs. 15.10 and World Call Telecom with 5.27 million shares gaining Rs. 0.09 to close at Rs. 2.82
Top Advancers of the market were:
Top Decliners of the market were: