Bearish sentiments continue amid dull trading

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SOURCEThe Nation
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LAHORE – The KSE 100-index of Pakistan Stock Exchange remained lackluster on Wednesday as the index traded and trading between an intra-day high of +120 points and a low of -261 points to finally close at 42,301 points, down 158 points.Despite dull activity, stock market appeared to consolidate as prices have fallen down to extremely attractive levels. Volumes deteriorated by 57 percent DoD to 76 million shares, compared to 181million in the previous trading session.

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FABL (-0.77 percent) was yesterday’s volume leader as more than 5m shares of the company exchanged hands. Cement sector remained under the hammer where PIOC (-2.46 percent), DGKC (-1.13 percent), MLCF (-1.68 percent) and LUCK (-1.52 percent) lost value to close in the red zone. Steel sector too lost value to close lower than its previous day’s close as ISL (-2.44 percent) and MUGHAL (-1.74 percent) closed in the red trajectory. Experts expect bearish sentiments in the market to continue on the back of political uncertainties and concerning economic indicators. Also, redemptions on Mutual Funds are likely to cause further selling pressure. Hence, they recommended investors to remain cautious in trading.

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