Equities extend losses despite buying

Equities extend losses despite foreign buying

Equities extend losses despite buying  KARACHI: Stocks closed sluggish on Friday following a day of roller-coaster ride. The KSE-100 index slipped further by 56.49 points (0.14 per cent) to close at 39,390.21.

Trading volume surged by 28.3pc to 263 million shares from 205m shares a day ago as investors squared their positions due to political protests over the weekend. Trading value fell 19.5pc to Rs9.1 billion, from Rs11.3bn a day ago.

Major activity was seen in second and third tier scrips, with KEL up 5.23pc taking the lead with 88.43m shares, followed by DCL dipped 3.49pc on 28.38m, DSFL gained 0.73pc on 18.17m shares and SNGP down 1.39pc with 13.65m shares.

Foreign investors bought equity worth net $3.90m on Friday.

Cements turned out to be the main laggard on the last session of the week, with LUCK lost 1.20pc, DGKC 0.94pc, CHCC 0.92pc, FCCL 0.73pc and KOHC 1.51pc. The cement stocks were hammered down by concerns over low despatches for July and higher international coal prices.

Dealers at JS Global commented that volatility prevailed as the index fluctuated between an intraday gain of 61 points and loss of 116 points to end the day on a flattish note.

“The E&P sector remained marginally positive today amid global crude oil prices rebounding close to 4pc from its bottom this month as US producers decide to control their production and ease the global glut”. The biggest index movers of the oil sector were PPL up 0.60pc and OGDC 0.41pc.

Analyst Ahsan Mehanti at Arif Habib Corp stated that institutional support was witnessed in a mid session rally after the IMF approval of $102m final tranche under the $6.4bn EFF on Thursday and upbeat petroleum products sales data for July.

Source: http://www.dawn.com/news/1275712/equities-extend-losses-despite-foreign-buying

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