Momentum fizzles out as KSE-100 decreases 636 points

Pakistan stocks were unable to carry the positive momentum, with the benchmark KSE-100 Index slipping down 1.43% amid profit-taking, while volume and value of shares also declined on Thursday.

The market remained in the negative zone, losing 759.06 points the benchmark KSE 100 index recorded an intra-day low of 43,605.96.

At close, the KSE-100 settled with a loss of 635.66 points or 1.43% to end at 43,731.20.

“In the opening session, the market opened on a negative note following yesterday’s T-bill auction where cutoff yields remained flat contrary to investors expectations,” said Topline Securities in its post-market comment.

It added that investors were expecting a cut following a fall in secondary market yields by 25 bps.

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On the economic front, the government decided to slash petrol prices from Rs145.82 to Rs140.82 for the second half of December.

The breakup of petrol prices showed that base price fell by Rs10.57 to Rs108.01. OMC and Dealer margin increased while sales tax was also up.

Meanwhile, sectors dragging the benchmark index downwards included banking (187.39 points), cement (121.52 points) and fertilizer (64.69 points).

Volume decreased, clocking in at 312.1 million on the all-shares index, down from 398.1 million on Wednesday. The value of shares traded also declined to Rs10.12 billion, down from Rs11.65 billion.

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WorldCall Telecom was the volume leader with 49.19 million shares, followed by Telecard Limited with 30.93 million shares, and Byco Petroleum at 18.97 million shares.

Shares of 345 companies were traded on Thursday, of which 86 registered an increase, 248 recorded a fall, and 11 remained unchanged.