Daily Stock Report: Market Remains Flat With a 38 Point Drop

The bearish trend continues at the Pakistan Stock Exchange as volatility prevailed in the market due to lack of triggers and political uncertainty, with the benchmark KSE-100 index losing 38.09 points or -0.10% to close at 39907.32 points.

Investors stood on the sidelines again after being spooked by political turmoil as the volumes ticked low. The day kicked off with dull trading throughout the day.

The market opened higher and hit a day’s high of 40062.62 points during the whole day. The benchmark then spiralled downwards to hit a day’s low of 39,825.23 during the intraday.

The index opened in green and went up to the intraday high of 117 points and saw a loss of 120 points during the intraday.

Stocks fell lower on investor concerns for economic uncertainty and foreign outflows. Lack of any trigger and political instability remained a key concern for investors.

Japan Power again caught the eye of the investors as the company filed an appeal against the order of SECP on Tuesday for the winding up of the company.

KEL closed at Rs. 6.64 (+1.37%) and made some late gains on speculation over outcome of MYT hearing. Sui Northern closed at Rs. 96.44 (4.72%), which came into pressure as the gas utility uploaded a document on its website alleging its profits would be slashed in half if OGRA’s proposals go through.

All shares index had a traded volume of 149 million shares today. Overall, stocks of 353 companies were traded on the exchange, of which 167 gained in value, 170 declined and 16 remained unchanged. In KSE 100, 49.27 million shares were traded with a net worth of just Rs. 2.73 billion.

Top traded sectors:

World Call Telecom was the volume 24.15 million shares, gaining Rs. 0.15 to close at Rs. 3.19. It was followed by Japan Power with 19.02 million shares, gaining Rs. 0.53 to close at Rs. 2.81, K-electric Ltd with 15.10 million shares, gaining Rs. 0.05 to close at Rs. 6.64 and Bank of Punjab with 4.98 million shares gaining Rs. 0.31 to close at Rs. 12.61.

Top Advancers of the market were:

Top Decliners of the market were: