Pakistan stocks remain lacklustre; Index down 163 points
KARACHI: The Pakistan stocks remained range-bound on Tuesday with the lacklustre participation, as investors remained concerned over increasing political uncertainty and persistently depreciating rupee against the greenback, amid rollover week, dealers said.
An analyst at Topline Securities said another lacklustre was witnessed during the day.
“Investors sentiment remained low in absence of any positive trigger’, as no progress on [the] IMF programme front, chief of intelligence agency notification is yet to get issued and no updates on Saudi oil deferral payment facility.”
The benchmark index cycled in 270 points during the trading hours, as the KSE-100 index made an intraday high and low of 45,517 (+98 points) and 45,214 (-206 points), respectively, before closing at 45,256, down 163 points, or 0.36 per cent.
All shares volumes stood at 162.97 million and value of traded securities clocked-in at Rs5.7 billion.
The technology, E&P and banking sector stocks seen some profit-taking where TRG Pakistan, Mari Petroleum, Habib Bank Limited (HBL), United Bank Limited (UBL), Pakistan Petroleum Limited (PPL) and the Oil and Gas Development Company (OGDC) cumulatively lost 182 points, while Systems Limited, Meezan Bank and Hubco provided some support by contributing 86 points positively.
Ahsan Mehanti at Arif Habib Corp said that the stocks closed lower, amid pressure on the economic uncertainty and concerns over surging circular debt near to Rs2.3 trillion.
“[The] falling rupee, foreign outflows and uncertainty over [the] outcome of [the] Pakistan-IMF talks played a catalytic role in the bearish close.”
Neelam Naz at JS Global Capital said that the benchmark index witnessed lacklustre activity due to the start of the rollover week. “Going forward, investors are advised to buy blue-chip stocks on dips.”
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