Pakistan equities closed Wednesday on a flat note, slightly negative with benchmark KSE100 Index shedding 26 points, closing at 34,656 levels.
The local bourse kicked off on a positive note, making a high of +132 points but later on tumbled making a low of -159 points. On the political front, Opposition parties in the National Assembly today rejected the Pakistan Tehreek-e-Insaf (PTI) government’s budget 2019-20 urging the treasury benches to implement changes that could alleviate the problems of Pakistan’s citizens.
Furthermore, measures taken by the FBR to sift over 4mn bank accounts is likely to add to the woes. Mixed sentiment was seen in the Financials where HBL (-0.7%) and UBL (-0.4%) closed in the red. MCB (+1.2%) closed in the positive zone. Moreover, mixed sentiment was also seen in Cements where LUCK (+0.2%), FCCL (+1.0%) and MLCF (+0.3%) closed in the green zone, DGKC (-0.2%) closed negative. FFC (-1.4%) was the major laggard in the Fertilizers. Saw respite in the Oil & Gas sector following an increase in international crude prices where PPL (+0.4%), POL (+0.5%) and OGDC (+1.7%) closed in the green zone. Traded value stood at US$22 million, down 15 percent and volume stood at 99 million shares, down 5 percent. Furthermore, major contribution to total market volume came from MLCF (+0.3%), BOP (-2.8%), WTL (-1.3%), TRG (-1.6%) and SNGP (+2.2%). ‘We expect market to remain choppy and volatile on the economic and political front’, said Maaz Mulla, an equity analyst.