Selling from funds keeps market under pressure KSE-100 Index sees volatile session closing lower by 177 points
Ghulam Raza Rajani
KARACHI: Market observed an overall mix to volatile session as index remained in flux. Positive closure on previous day assisted market to start in green zone. Positivity stayed for short while as investor stayed sideline since MSCI decision regarding exclusion of major Pakistan companies seems round the corner.
The benchmark KSE-100 index closed lower by 176.60 point to close at 41,367.38 points. KSE All Share Index decreased by 114.61 to end at 29,908.35, KSE 30-Index dipped by 121.90 points to conclude at 19,917.61, whereas KMI 30-Index declined by 348.24 points to finish the day at 71,241.37 level.
Murtaza Jafar at Elixir Securities said Pakistan equi- ties closed negative today with benchmark KSE100 Index settling at 41,367 levels. Profit taking was witnessed in today's session as investors preferred to remain on sidelines in Index names as Pakistan's delegation leaves for China later today to finalize modalities of Chinese Economic support program while Ministry of Finance officials are currently engaged with IMF officials in Islamabad. Matco Foods Limited MFL PA +3.3% garnered investors interest after Adviser to Prime Minister on Commerce, Industry and Investment claimed that China has agreed to double its imports from Pakistan - key industries of interest would include agriculture in addition to the traditional export oriented sectors of the country. Going forward, we expect the sentiment to shape up once clarity emerges on outcome of SBP Governor and Secretary Finance visit over Chinese financial package.
The advance to decline ratio in the broader market remained in favor of bears. Out of 358 scrips, 120 scrips advanced, 219 declined while the value of 19 scrips remained intact.
The ready market volume decreased by 18.87 per cent to 224.675 million shares as com- pared to 276.930 million shares traded on last trading day.
Bank of Punjab topped the list of actives, higher by Rs 0.12 at Rs 13.47 on 31.86 million shares, followed by Lotte Chemical Limited decreased by Rs 0.12 at Rs 18.74 on 22.52 million shares and TRG Pakistan Limited improved by Rs 0.58 at Rs 31.98 on 17.19 million shares.