Re­gional sell-off keeps PSX un­der pres­sure KSE-100 In­dex sees bearish day clos­ing lower by 394 points

The Financial Daily - - FRONT PAGE -

Ghu­lam Raza Ra­jani

KARACHI: Mar­ket ob­served sheer bearish ac­tiv­i­ties as in­dex low­ered by more than 1 per cent. On­go­ing de­cline in re­gional ex­changes took its toll on lo­cal mar­ket and forced it to start de­pres­sively. Chances of ex­clu­sion of ma­jor com­pa­nies from MSCI emerg­ing mar­ket in­dices showed its af­ter­maths on over­all mar­ket. Mas­sive sell­ing from for­eign­ers was an­other rea­son for over­all mar­ket de­cline.

The bench­mark KSE-100 in­dex closed lower by 393.79 point to close at 38,398.30 points. KSE All Share In­dex de­creased by 166.72 to end at 28,218.02, KSE 30- In­dex dipped by 237.87 points to con­clude at 18,767.36, where- as KMI 30-In­dex de­clined by 812.76 points to fin­ish the day at 65,253.72 level.

Mur­taza Ja­far at Elixir Se­cu­ri­ties said In­line with our ini­tial view, KSE100 In­dex traded un­der pres­sure for the day while track­ing losses in re­gional mar­kets. K-Elec­tric Limited KEL PA +5.14% led the vol­ume charts to­day af­ter me­dia re­ports that Gov­ern­ment of Pak­istan is likely to is­sue NOC to Shangai Elec­tric Power (SEP) for the pur­chase of 66.40% stake of power com­pany from M/s Abraaj ahead of PM Khan's visit to China in Mid Novem­ber. Lucky Ce­ment Limited LUCK PA -4.52% closed on re­newed sell­ing pres­sure with 450k shares chang­ing hands as es­ti­mates sug­gest that the com­pany ( along with United Bank Limited UBL PA -1.52%) may be ex­cluded from MSCI EM In­dex in its next Semi An­nual re­view on Novem­ber 13th. Our chartist eyes im­me­di­ate sup­port around 37,50037,700 lev­els, how­ever any break be­low this area would un­fold fur­ther down­side till 34,600-35,500 level.

The ad­vance to de­cline ra­tio in the broader mar­ket re­mained in fa­vor of bear. Out of 356 scrips, 109 scrips ad­vanced, 232 de­clined while the value of 15 scrips re­mained in­tact.

The ready mar­ket vol­ume de­creased by 32.47 per cent to 134.604 mil­lion shares as com­pared to 199.323 mil­lion

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