Sell­ing from funds keeps mar­ket un­der im­mense pres­sure

The Financial Daily - - FRONT PAGE -

Ghu­lam Raza Ra­jani

KARACHI: Mar­ket ob­served an ab­so­lutely bear­ish day. An across the board sell­ing was seen as more than 65 per cent of scrips ended in red zone. Mas­sive de­cline MoM in ce­ment dis­patches kept ce­ment sec­tor in red zone. On­go­ing sell­ing from mu­tual fund forced mar­ket to end de­pres­sively.

The bench­mark KSE-100 in­dex closed

lower by 299.76 point to close at 39,303.11 points. KSE All Share In­dex de­creased by 188.22 to end at 28,678.83, KSE 30-In­dex de­clined by 162.09 points to con­clude at 18,812.00, whereas KMI 30-In­dex dipped by 338.16 points to fin­ish the day at 66,303.31 level.

Fa­had Qasim at Topline Se­cu­ri­ties said it was an un­sat­is­fac­tory ses­sion for the bench­mark in­dex as a lack of any ma­jor trig­gers eroded in­vestors' con­fi­dence. Fears of an eco­nomic slow­down con­tinue to feed neg­a­tiv­ity in the mar­ket. Re­sul­tantly, the in­dex hit a low of 38,820 level, but re­cov­ered within the fi­nal hours of the trad­ing ses­sion to only lose 300 points (or -0.76%), clos­ing at 39,303 level. Dur­ing the trad­ing ses­sion INIL an­nounced that it had been awarded a con­tract for the sup­ply of 6000KM of steel and Poly­mer API line pipes amount­ing to Rs3.3bn, by SNGPL. This led the scrip to close at its up­per cap of Rs151.6. Pak­istan Ce­ment dis­patches de­clined 14% MoM dur­ing the month of Nov, 2018, as per our chan­nel checks, which had a neg­a­tive ef­fect on the sec­tor, led by PIOC (-5%), ACPL (-3.7%) and MLCF (-3.6%). In­vestor par­tic­i­pa­tion de­clined to­day as traded vol­umes de­creased by 30% to 138mn, while traded value re­gressed by 39% to US$50mn.

The ad­vance to de­cline ra­tio in the broader mar­ket re­mained in fa­vor of bears. Out of 358 scrips, 103 scrips ad­vanced, 231 de­clined while the value of 24 scrips re­mained in­tact.

The ready mar­ket vol­ume de­creased by 29.49 per cent to 138.104 mil­lion shares as com­pared to 195.853 mil­lion shares traded on last trad­ing day.

Lotte Chem­i­cal Lim­ited topped the list of ac­tives, higher by Rs 0.18 at Rs 18.85 on 10.63 mil­lion shares, fol­lowed by Bank of Pun­jab in­creased by Rs 0.05 at Rs 13.11 on 9.90 mil­lion shares and Maple Leaf Ce­ment Fac­tory de­clined by Rs 1.39 at Rs 42.45 on 8.11 mil­lion shares.

Other ac­tives were K-Elec­tric Lim­ited de­scended by Rs 0.15 at Rs 5.32 on 8.08 mil­lion shares and Pak­istan Elek­tron Lim­ited dipped by Rs 0.65 at Rs 26.03 on 7.26 mil­lion shares.

The over­all mar­ket cap­i­tal­iza­tion de­creased by Rs 50.995 bil­lion to Rs 7.8752 tril­lion against Rs 7.9262 tril­lion ob­served on last trad­ing day.

Philip Mor­ris Pak­istan Lim­ited and Hinopak Mo­tor Com­pany Lim­ited re­mained the top gainer by Rs 131.70 and 27.48 to close at Rs 3,284.88 and Rs 577.11 re­spec­tively, while Nes­tle Pak­istan Lim­ited and Bata Pak­istan Lim­ited was the ma­jor loser which lost Rs 341.00 and Rs 38.00 to close at Rs 8,700.00 and Rs 1,542.00 re­spec­tively.

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