Pakistan Stocks Exchanges KSE 100 Index Is DownPakistan Stocks Exchanges KSE 100 Index Is Down

Pakistan Stocks Exchanges KSE 100 Index Is Down

Pakistan Stocks Exchanges KSE 100 Index Is Down: Pakistan Stocks Exchanges KSE 100 index is down at open to 42242.81 points with high and low of 42608.08 and 42241.85 respectively.

Out of total 188 Trading Companies 55 advanced 126 declined while 7 remained unchanged.

Market momentum failed out in the wake of concerns on rising Current Account Deficit, depleting Forex reserves, increasing the cost of doing business and highly fluid and unpredictable politics. A follow-through move would have contributed towards lifting the overall sentiment and allaying pessimism.

Pakistan Stocks Exchanges KSE 100 Index Is Down
Pakistan Stocks Exchanges KSE 100 Index Is Down

Volume and Turnover for the 100 Index came down along with risk appetite (-17 per cent and -30 per cent on d/d basis) perhaps amid concerns arising from heavy selling from FIIs in the previous session.

Market activity was mostly confined to Financials (28 per cent of total turnover; down 23.1 per cent on d/d basis) Materials (25.7 per cent of total turnover; down 44.7 per cent on d/d basis) and Utilities (16.6 per cent of total turnover; down 11 per cent on d/d basis). Within these sectors FABL (9.8 per cent of total turnover), UBL (4 per cent of total turnover), BAHL (3.6 per cent of total turnover), DGKC (4.2 per cent of total turnover), FCCL (4 per cent of total turnover) and SNGP (12.6 per cent of total turnover) managed to garner investor interest.

The day ended on a flattish note with the 100 Index closing up 27.43 points (+0.06 per cent) at 42,772.25.

Technically, the day ended on an indecisive note amid thin participation with a Doji like candle having a long upper shadow. The Index is still trading above 10EMA (42,704) / 50 per cent retracement (42,440) support. However, the 100 Index risks entering a Death Cross (negative crossover of 50/200EMA). Next resistance is 20EMA (43,394) and previous weeks high (43,595).

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