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Business

December 7, 2017

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Stocks end flat in directionless trade

Stocks end flat in directionless trade

Cautious trade continued at the bourse on Wednesday depicted by lower volumes, laggard activity in blue-chip shares and buoyancy of small cap scrips as investors worried over economic and political uncertainties, dealers said.
They added that directionless trading kept the investors at bay, with some fund managers waiting for the market to stabilise and others fearing redemption. Pakistan Stock Exchange's (PSX) benchmark KSE-100 shares index shed 0.1 percent or 38.09 points to close at 39,907.32 points. KSE-30 shares index shed 0.06 percent or 12.94 points to close at 19,996.84 points.
As many as 361 scrips were active of which 180 advanced, 166 declined, and 15 remained unchanged. The ready market volumes stood at 149.572 million shares as compared with the turnover of 147.302 million shares a day earlier.
Topline Securities in its post market note said day kicked off flat with little activity in the wider market, and the index hovered near the previous day's close. It said equities closed little changed with turnover in wider market, again painting a dreary picture as just about $37 million worth of shares exchanged hands on KSE All Shares Index.
Later, sharp losses in Sui Northern Gas Pipelines (SNGP), down 4.7 percent and Kot Addu Power (KAPCO), down 5.0 percent dragged the the benchmark index to the 39,800 points support level.
“The former was on sellers’ radar due to concerns on proposed downward revision in tariff by the oil and gas regulator, while the latter tanked on heavy selling reportedly from institutional investors amid concerns over the plant's continuity as government aims to shut old power plants,” Topline said.
Ahsan Mehanti at Arif Habib Corp said stocks fell lower on investor concerns over economic and political uncertainties. “Trade was led by second and third tier scrips on strong valuations.”
Going forward, analysts expect a directionless market as ongoing trading pattern seems to hold for the coming days on lack of interest and immediate triggers. Companies reflecting highest gains include Nestle Pakistan, up Rs107.5 to close at Rs11,500/share, and Pakistan Tobacco, up Rs42 to close at Rs1,850/share.
Companies reflecting most losses include Bata Pakistan, down Rs39.15 to close at Rs2,382/share, and Sanofi Aventis, down Rs38.33 to end at Rs1,420/share. Highest volumes were witnessed in Worldcall Telecom with a turnover of 24.15 million shares. The scrip gained 19 paisas to close at Rs3.19/share.
Japan Power was second with a turnover of 19.029 million shares. It gained 53 paisas to close at Rs2.81/share. K-Electric was third with a turnover of 15.109 million shares. It gained 09 paisas to finish at Rs6.64/share.

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