No market triggers; Kse-100 remained flat

0
18


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.

‘);(playerPro=window.playerPro||[]).push(i);})();

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.