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Last update: Thu, 01 Sep 2016 08am
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Equities slump

Equities slumped by 182 points or 0.46 percent to close at 39,809 points amid consolidation after the just-concluded results announcement session. In intraday trade, the benchmark KSE-100 index moved between 40,026 and 39,771 points to show volatility. The number of shares traded lowered to 350 million from the previous day''s 424 million. The stocks traded depreciated in value from Rs 13.25 billion to Rs 11.40 billion. Of the 438 scrips traded, 203 posted gains, 218 lost their worth and that of 17 stayed unchanged.

With market capital accumulating to Rs 8.01 trillion, foreign portfolio investment marked a net selling of $186,425 million. K-Electric kept leading volumes with 32 million shares each traded at Rs 9.21 at close. Other best performing issues were Dewan Cement, Pace Pakistan, Byco Petroleum, Ist. Capital Sec, Ghani Automobile, Dewan Motors, Aisha Steel, Treet Corporation and Dewan Salman. Futures trade slid to 18.7 million contracts from 39.9 million of Tuesday.

"Stocks closed bearish amid consolidation post major earning announcements at PSX," opined Ahsan Mehanti at Arif Habib Corp. Speculations remained in second- and third-tier scrips on strong valuations, the analyst said. "Institutional support was witnessed in auto stocks amid falling yen," said Mehanti. Dismal payouts, falling global crude prices and rising circular debt concerns in the energy sector played a catalytic role in bearish close, he maintained.

Copyright Business Recorder, 2016