KSE-100 sheds 52 points on institutional selling

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Staff Reporter

Karachi

The stock market failed to sustain the gains made the previous day and shed 52 points on Wednesday after a tumultuous session.
The fall came as the International Monetary Fund (IMF) asked Pakistan government to initiate steps in a bid to achieve fiscal consolidation.
Despite weak sentiments, the cement sector flourished, getting support from falling coal prices in the international market. The KSE-100 index shot up from the moment trading began and crossed 40,800 points in initial trading, but the trend reversed towards the end of the day, led by a selling spree, which erased all the gains and dragged the market into the red zone.
At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 52.17 points, or 0.13%, to settle at 40,544.11.
As such, Fauji Cement (+1.66%), Maple Leaf Cement (+3.74%) and DG Khan Cement (+4.91%) recorded cumulative trading in 30 million shares and featuring among top-five volume leaders.On the results front, Allied Bank Limited (-1.19%) announced its 2018 results, declaring earnings per share of Rs11.38 along with cash dividend of Rs2 per share.
“Going forward, we remain sceptical in the near term since recovery from the recent low of 40,218 (Monday’s low) seems to be stalling at … 40,809,” the analyst added.

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