Equity market witnesses lackluster trading activity

KARACHI: Trading at the equity market was remained lackluster as the taxation measures failed to attract investors.

The benchmark KSE-100 index closed at 38,896 points as against 38,924 points showing a decline of 28 points.

The government on the demand of stock market abolished the advance tax on sale and purchase of shares and also allowed loss carry forward for next three years.

Analysts at Arif Habib Limited said that the market repeated the pattern witnessed in the past couple of sessions, viz an increase in the beginning of session followed by selling till the end.

The index again traded in a narrow range and oscillated between +106 points and -276 points.

Traded volumes improved over the day but were still lethargic considering the hey-days.

The banks again led the volumes table (18.3 million), contributed by BOP (11.5 million), followed by Cement sector which took the cue from anticipated construction activity as indicated by the prime minister.

Large cap banks and E&P remained on the negative side throughout the session and were the main reasons for slide in index.

Sectors contributing to the performance include Banks (-92 points), Autos (-12 points), Cement (+28 points), E&P (+24 points), Pharma (+11 points).

Volumes increased from 68 million shares to 90 million shares (+32 percent DoD). Average traded value also increased by 19 percent to reach US$ 28.3 million as against US$ 23.8 million.

Stocks that contributed significantly to the volumes include BOP, WTL, DCL, KEL and FCCL, which formed 43 percent of total volumes.

Stocks that contributed positively include OGDC (+26 points), ABOT (+13 points), PMPK (+11 points), HMB (+9 points), and LUCK (+9 points). Stocks that contributed negatively include MEBL (-32 points), HBL (-27 points), MCB (-20 points), ENGRO (-11 points) and BAFL (-10 points).

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