Bears tighten grip on KSE

The share market opened on a strong negative note and the KSE-30 index hit 12,095.28 points intra-day low level, down by 280 points due to strike and political uncertainty, however, fresh institutional and foreign buying supported the index to recover the huge loses. Finally, the KSE-100 index closed at 12,343.58 points level, down by 24.04 points.
On the other hand, the junior free float market capitalisation-based KSE-30 index lost 55.69 points and closed at 15,307.69 points level. Analysts were expecting heavy profit-taking due to country-wide strike and uncertainty on political fronts. However, the foreign interest and fresh institutional buying supported the index to recover its losses. The retail investors also took fresh position, which was also supportive for the index for surging.
The ready market volume increased to 248.365 million shares as compared to 219.929 million shares traded on Friday. The futures market turnover also surged to 55.038 million shares against 46.537 million shares changed hands previously. The overall market capitalisation declined by Rs 6 billion to Rs 3.595 trillion. Trading took place in 327 scrips out of which 145 scrips closed in positive column and 142 scrips closed in negative column, while the value of 40 scrips remained unchanged.
The fertiliser sector performed exceptionally well on the back of J.P. Morgan''s report and Fauji Fertiliser Bin Qasim was the star performer of the day with 31.915 million shares and the scrip surged by Rs 0.90 to close at Rs 37.25. Engro Chemical gained Rs 9.70 to close at Rs 220.50 with a total turnover of 12.344 million shares.
Bank Al Falah gained Rs 1.40 to close at Rs 56.80 with a total volume of 16.185 million shares. BoP and JS Bank surged by Rs 0.05 and Re 1.00 to close at Rs 105.05 and Rs 15.35, respectively. The E&P giant OGDC lost Rs 0.80 to close at Rs 118.05.
In the cement scrips, DG Khan Cement and Lucky Cement lost Rs 1.85 and Rs 1.65 to close at Rs 99.15 and Rs 100.35 respectively. In the other top 10 volume leaders, Nishat Mills declined by Rs 1.95 to close at 127.05, while Picic lost Rs 0.10 to close at Rs 69.85.
Siemens Engineering and Unilever gained Rs 54.00 and Rs 24.00 to close at Rs 1,614.00 and Rs 2,140.00 respectively, while Dawood Hercules and Gillette Pak lost Rs 7.90 and Rs 5.00 to close at Rs 262.10 and Rs 117.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that investors were so cautious because of country-wide strike and political uncertainty and the market started off on a strong negative note. The KSE-100 index witnessed a net lose of 280 points on its opening level, whereas buying by foreign investors and institutions supported the index to recover its huge loses.
Finally, the index managed to recover 256 points and closed at 12,343.58 points level with a net loss of 24.04 points. The foreign interest at the local share market is still prevailing as a record inflow of foreign investment was witnessed at the equity market. The SCRAs balances have touched a record level of $826.26 million, which shows foreign interest at the local equity market.