KSE-100 slid by 129 points on nervy investors

Staff Reporter

Karachi

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) decline by 129 points owing to lack of interest from investors.
The index closed at 40,800 points against 40,929 points of the last day, showing a decline of 129 points.
Analysts at Arif Habib Limited said that the market slid further on Tuesday though it had a positive start in the beginning.
“Lack of interest from investors was quite evident and reflected by anemically low levels of volume,” they said.
Besides the increase in discount rate, investors are visibly concerned about pending increase in electricity tariffs, which would further dampen the prospects of earnings growth in the listed companies across the board. E&P sector performed well today apparently on the back of higher oil prices in the international market and also due to prospects of the same increasing to $100/bbl.
OGDC saw healthy volume on the bourse and so did POL. Among the banking sector, BAFL performed notably well with 5.7 million shares, though the price slid 2.1 percent. Another dampener for the market was persistent sell of DGKC, which breached the support at Rs 100/share.
Sectors contributing to today’s performance include Banks (-108 points), Tobacco (-34 points), Cement (-12 points), Pharma (-11 points), Technology (-11 points), E&P (+58 points) and Power (+26 points).
Volumes largely remained the same at 106.4 million shares as against 106.3 million yesterday (+0.2 percent DoD). Average traded value however increased significantly from $27.9 million as against $42.7 million today.
Stocks that contributed significantly to the volumes include UNITY, TRG, BAFL, BOP and DOL reflecting 31 percent of total volumes.

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