Stocks static amid political uncertainty


KARACHI: The stock market closed flat on Wednesday with a minor gain of 1.1 points to the KSE-100 index which held on to its all-time high of 36,266 points.

Volatility prevailed all through the day as the benchmark index jumped to an intra-day high of 147 points and a low of 33 points.

Putting the MSCI classification on the back burner, investors were peeved about the evolving political uncertainty. Most market participants thought that the index could consolidate at the current level before moving ahead to the north.

Traded volume increased seven per cent to 301 million shares and traded value rose 2pc to Rs12.1 billion on Wednesday. TRG, DCL and K-Electric were volume leaders, contributing 103 points, or a third of the aggregate volume. Foreign investors for the second successive day sold equities, taking the two-day outflow at $9m.

Marginal correction was witnessed in scrips that are expected to be included in MSCI Emerging Market index, including FFC (-0.10pc), OGDC (-0.25pc), HBL (-0.20pc) and DGKC (-0.30pc).

Traders at Topline Securities observed that a slight profit-taking was seen in the cement sector stocks as DGKC, FCCl and MLCF fell in the range of 0.3 to 1.1pc.

Ahmed Saeed Khan at JS said that interest was seen in the automobile sector after sales rose 29pc year-on-year in July-April FY16; PSMC (+0.88pc) was the top performer of the day.

HTL (+3.38pc) rallied after it announced that the company would set up 300 petrol stations in three years, with the first one coming on line by December.

KAPCO (+0.47pc) rallied on back of news that the power regulator had approved tariff for its coal power plant.

Source

http://dawn.com

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Stocks static amid political uncertainty

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