Bears rule stock market

The KSE started its week on Monday when benchmark witnessed bearish trend and the KSE 100-index shed 84 points to close at 9221 points.
The 100-index opened in red zone with a loss of 1.26 points and closed at 9221.96 with a loss of 84.40 points at the end of the day. The KSE 30-index closed at 9741.21 with a loss of 84.69 points. Trading activity was minimal as compared to the last trading session as the ready market volume stood at 76.070 million.
Though Tuesday remained an extremely dull and dry session, however, the benchmark index remained positive and maintained its stance till closing bell, adding 11 points to close at 9,233.70 points.
With majority participants on sidelines mainly due to polluted environment ahead. Moreover, meagre turnover was observed as volumes were down by 1.32m shares as compared to Monday’s session.
On Wednesday, unexciting behaviour of the local equity market continued to hamper investor sentiments and kept them at bay as the KSE-100 share index shed 29 points to close at 9,204 levels.
Mere 50bps discount rate cut was the main reason of this decline. The KSE would have recovered more, had the discount rate cut been greater than the expected 50bps. Trading activity was slightly better as compared to the last trading session. The ready market volume stood at 82.421 million shares on Wednesday as compared to last trading session 74.754 million shares.
It was a flip-flop phenomenon on Thursday, the last working day, as mixed activities at the KSE resulted in nominal change on board ahead of Eid holidays. Benchmark 100-index added only one point to close at 9,206 levels.
Sluggish opening pushed the index into the negative territory, wherein the index heavy weight OGDC played a major role. Trading activity was further improved to 84.660 million shares as compared to last trading session’s ready market turnover of 82.421m shares.