Market watch: KSE-100 inches down on Covid considerations

KARACHI:

Bears and bulls locked horns on the Pakistan Inventory Alternate (PSX) on Tuesday because the KSE-100 index traded on each side of the fence, however closed with a lack of 83 factors owing to investor concern over surge in coronavirus cases.

Throughout the day, the Nationwide Command and Operation Centre (NCOC) mentioned the re-imposition of stringent commonplace working procedures in view of a constant uptrend in Covid-19 cases over the previous one week.

This report, particularly, performed on traders’ thoughts and dragged the market down as a result of the reintroduction of curbs would deal a big blow to the recovering financial system.

Market sentiment was additional dampened by the rising pattern in worldwide oil costs as traders feared an extra improve in costs of petroleum merchandise over the following few months within the nation.

Earlier, buying and selling kicked off on a constructive notice and the index posted gains throughout the first half of the session. The market succumbed to weak investor curiosity within the second half and dipped because of promoting strain.

At shut, the benchmark KSE-100 index recorded a lower of 82.96 factors, or 0.17%, to settle at 47,346.16.

Arif Habib Restricted, in its report, acknowledged that the market traded vary sure, oscillating between -187 factors and +236 factors, closing the session down by 83 factors.

“The index went up earlier within the session and noticed across-the-board shopping for exercise, nevertheless, promoting strain took over later, which drove stock costs down, significantly in energy, expertise, metal and refinery sectors,” it mentioned.

“Banking sector remained muted with restricted value uptick in HBL, whereas the exploration and manufacturing sector noticed continued promoting strain in Oil and Gasoline Improvement Firm and Pakistan Petroleum, which fell under earlier day’s closing costs.”

The cement sector carried out effectively on the again of improve in cement costs per bag within the southern area, the report mentioned.

General buying and selling volumes rose to 541.3 million shares in contrast with Monday’s tally of 494.5 million. The worth of shares traded throughout the day was Rs17.6 billion.

Shares of 413 firms had been traded. On the finish of the day, 125 shares closed larger, 271 declined and 17 remained unchanged.

Hascol Petroleum was the quantity chief with 49.9 million shares, gaining Rs0.79 to shut at Rs8.07. It was adopted by WorldCall Telecom with 48.9 million shares, dropping Rs0.12 to shut at Rs3.86 and Byco Petroleum with 29.9 million shares, dropping Rs0.1 to shut at Rs10.8.

International institutional traders had been internet sellers of Rs118 million price of shares throughout the buying and selling session, in keeping with knowledge compiled by the Nationwide Clearing Firm of Pakistan.

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