The securities market came under pressure on the initial trading day of rollover week on Monday with the criteria KSE-100 index videotaping a decrease of almost 230 points.
There was anxiety on the market over the four-day Financial Activity Task Force (FATF) plenary session, beginning Monday, to examine Pakistan’s performance on the anti-money laundering as well as fear financing activity strategy.
In spite of wish for the nation’s removal from the FATF grey listing, financiers continued to be cautious as well as prevented taking fresh settings throughout the trading session.
Monday also saw the begin of futures rollover week, which pushed capitalists to cover their positions. Furthermore, uncertainty in global markets intensified to the bearish trend.
The KSE-100 index opened favorable and also climbed to intra-day high of 132 factors before catching prevalent marketing, led by cement and also expedition and production industries.
At close, the benchmark KSE-100 index videotaped a decrease of 226.15 factors, or 0.47%, to clear up at 48,012.52.
Arif Habib Limited, in its record, stated that the market sold a narrow variety of +132 factors and also -275 points. It shut the session down by 226 points.
“Uncertainty dominated throughout the session due to issues over boost in oil rates, which would certainly sustain rising cost of living, in addition to increase in rupee-dollar parity, which pressed capitalists to take a careful technique,” the report claimed.
Regardless of a boost in cement rates, the concrete and also steel-sector stocks lost ground. Petroleum costs stayed largely secure, however, the exploration as well as manufacturing industry came under offering stress.
Fields adding to the performance consisted of cement (-64 points), chemical (-25 factors), fertiliser (-24 points) as well as oil as well as gas advertising firms (-20 points).
Individually, stocks that added positively to the index consisted of Equipment Limited (+19 factors), FrieslandCampina Pakistan (+12 points), Meezan Financial institution (+6 points), Sui Northern Gas Pipelines (+6 factors) and Hubco (+6 factors).
Supplies that added negatively were Fortunate Concrete (-33 points), Pakistan State Oil (-22 points), MCB (-20 points), Colgate-Palmolive (-15 points) and also Engro Firm (-14 points).
JS Worldwide expert Maaz Mulla said that despite opening up on a favorable note, the KSE-100 index could not sustain the energy and succumbed across-the-board profit-taking.
The marketplace continued to be under pressure for the majority of the initial day of rollover week as it glided 226 points to shut at 48,012.
“Pak Suzuki Electric Motor Firm (+2.6%) from the car sector acquired to close greater on the back of information that the federal government may extend tax obligation alleviation for vehicles approximately 1,000 cc in the lately recommended Finance Expense, with the purpose of advertising budget-friendly autos and localisation in the country,” he claimed.
Marketing stress was experienced in the concrete market where Traveling Concrete (-1.5%), Pioneer Cement (-1.9%), DG Khan Concrete (-1.5%), Maple Leaf Cement Factory (-1.1%) and also Fauji Concrete (-1.2%) lost ground.
“Moving forward, we suggest investors to take on a ‘buy-on-dip method’ in construction as well as refinery supplies,” the analyst said.
Overall trading quantities rose to 839.2 million shares compared with Friday’s tally of 750.6 million. The worth of shares traded throughout the day was Rs15.9 billion.
Shares of 411 firms were traded. At the end of the day, 163 stocks shut higher, 233 decreased and also 15 stayed unchanged.
Silkbank was the quantity leader with 235.1 million shares, getting Rs0.31 to close at Rs2.14. It was complied with by Hum Connect with 60.4 million shares, shedding Rs0.25 to close at Rs8.87 and WorldCall Telecommunications with 58.5 million shares, shedding Rs0.12 to close at Rs4.
International institutional investors were net purchasers of Rs2.4 million well worth of shares during the trading session, according to information assembled by the National Clearing Up Firm of Pakistan.