Investors make hasty retreat from market

LAHORE - Mounting tension between Pakistan and USA has increased market concern and investors made hasty retreat, with the KSE-100 index witnessing another dull session and lacklustre performance, lost further 9 points and closed on weak note at 9,253.75 points. Analysts see a little hope of early recovery and think that this lackluster trend will continue in near future.    Divergent closings given by different indexes depict confusion prevailing in the market. Trading shrank further and only 166 scrips observed movement and out of those 34 closed in plus and 46 closed in minus column while 86 kept last closing. Volumes were further slashed down to 12.243 million shares. Earlier, market opened marginally lower 0.22 points minus at 9263.17 points and resumed declining trend. Opening proved to be day high and market throughout the day remained in minus column. Slowly moving down it touched 9239.75 points low but recovered. Partial recovery before closing makes it possible for the market to close at 9253.75 points minus 9.47 points. Free float index opened in minus column and after hitting 10116.84 points low in intraday trading finally closed 39.44 points minus at 10128.51 points. All shares suffered loss of 6.35 points and closed at 6688.56 points. On the other hand KMI closed in plus column after adding 7.37 points at 11268.43 points. NBP is keeping top position in volumes from the last three days and its today turnover was 2.324 million shares. It closed fractionally down minus just 4 pisas. Restricted trading activity and continuation of declining trend is indicative of investor's lack of confidence.    Dealers said that OGDC's oil production diminished by 8 percent to 41,493bpd. The decline in production was primarily due to reduced production from Chanda, Dakhani, Dhodak, Pindori, Sono and Tando Alam. The sharp decline in POL's production is mainly due to lowered production from Pindori field. Dealers said oil and gas scrips may be affected owing this decline in production to some extent. At Lahore Stock Exchange market opened 0.65 points minus at 2872.50 points and most of the blue scrips rushed to hit their lower locks. It went marginally up in initial hour and achieved 2872.80 points high. It resumed declining path immediately and went down to 2867.50 points low. Market recovered a little bit before closing. It closed 4.84 points minus at 2869.12 points. In today trading 81 scrips changed hands and out of those 7 had plus closing against 12 minus closings while 62 kept last level. Volumes were cut short to almost half of the yesterday volumes and 0.519 million shares were traded. Here NIB bank remained on top in volumes with traded volumes of 0.316 million shares and closed in minus column.

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