Market desperately waiting for positive news

LAHORE - The stock market poor performance continued and fluctuated near the dividing fence, as the investors, keeping their fingers crossed, waited for some positive news.

The Karachi Stock Exchange benchmark 100-index, after midday, took a deep dive and touched 9,213.30 points low. Just before closing it staged smart recovery and closed fractionally plus at 9,239.26 levels at the end of the day, up 0.11 points.

Dealers said that market badly needs some positive news from political and economic front. Without that it can not rise and of course down slide is being blocked and KSE extended that freezing of market to 9144 points for another week.

Out of 214 traded scrips against 55 plus closing there were equal numbers of minus closings while rest 104 closed at last level. Volumes also saw handsome improvement and 24.869 million shares were traded.

Earlier, the market opened 1.40 points plus at 9240.55 points and resumed directionless dull activity. It went fractionally up to hit 9240.59 points high and started melting down. It came in minus column and initially remaining in red territory it fluctuated near the dividing fence.

After midday market took a deep dive and touched 9,213.30 points low. Just before closing market staged smart recovery and closed fractionally plus after entering the green. It closed 0.11 points plus at 9239.26 points at the end of the day. Free float index opened in minus column and throughout the day remained in minus column. In intraday trading it went to 10146.57 points low but closed a little recovered at 10148.72 points after shedding 29.66 points. On the other hand all shares index closed with 0.86 points gain at 6679.72 points. KMI lost 21.22 points in today trading and closed at 11180.69 points. All the four indexes gave mixed closing depicting lack of clear direction.

AHBL with hectic activity took top position in volumes giving turnover of 8.811 million shares and closed rupees 0.29 plus. Market gave dull and directionless performance.  

At Lahore Stock Exchange market opened 3.68 points plus at 2876.12 points and that was also its day high. Soon market lost plus sign and entered in minus column. Rest of the day market remained in minus column and finally closed 5.66 points minus at 2866.16 points. Traded scrips were 92 in numbers and out of those 4 closed in plus and 16 in minus column while 72 kept last closings. Traded volumes was 1.219 million shares and NIB bank as top volumes leader contributed volumes of 0.435 million shares towards that volumes. Out of top ten volumes leaders only one closed with plus sign against six minus closing while three scrips kept last price.