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Traders said stocks plunged 1.43 percent amid panic selling
Traders said stocks plunged 1.43 percent amid panic selling

Pakistan stocks down amid lack of triggers

KARACHI: Pakistan stocks witnessed a minor decline of 0.17 percent Wednesday, as investors remained sidelined amid lack of triggers, traders said.




Analyst Maaz Mulla at JS Research said WAPDA announced Mohmand dam’s ground-breaking for next week. As a result, DGKC (+0.2%), DCL (+5.2%), FCCL (+0.3%) and MLCF (+0.8%) from the cement sector all closed in the green.

“We expect the lacklustre sentiment in the market to continue given lack of triggers and recommend investors to remain cautious,” he said.

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed lower 64.61 points or 0.17 percent to 38,547.76 points against 38,612.37 points recorded in the last session. The highest index of the day remained at 38,665.68 points while the lowest level of the day was recorded at 38,427.94 points.

KSE-30 Index also decreased by 46.87 points or 0.26 percent to 18,193.20 points.

Turnover, however, increased by 13 million shares to 83.08 million shares from 70.80 million shares. Trading value increased to Rs3.47 billion from Rs3.17 billion while market capital narrowed to Rs7.85 trillion from Rs7.89 trillion. Out of 338 companies’ active in the session, 112 closed in green, 205 in red while 21 remained unchanged.

Highest increase was recorded in shares of Unilever Foods, which rose Rs99 to Rs7,499 per share, followed by Service Industries Ltd that increased Rs14.69 to Rs764.69 per share. Major decline was noted in shares of Philip Morris Pak, which fell Rs198.75 to Rs3,776.25 per share, followed by Wyeth (Pak) Ltd XD that decreased Rs52.95 to Rs1,023.77 per share.

Significant turnover was recorded in stocks of PTCL, Bank of Punjab XD, WorldCall Telecom, Pak Elektron, Dewan Cement, Maple Leaf Cement, TRG Pak Ltd, Sui Northern Gas Pipelines Ltd, K-Electric Ltd and Sui Southern Gas Company Limited.

Shares’ turnover in the future contracts dropped to 24.48 million shares from 32.60  million shares traded in the previous session.

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