Asian markets slid deeper into the red after a preliminary reading of China's manufacturing sector fell to a six-and-a-half-year low.
Tracking the regional market coupled with local investors’ drowsiness ahead of Eid holidays, KSE-100 index on Wednesday ended at 32,822 points level, down 59 points or 0.18 pc.
After China’s PMI fell to 47.0 (Lowest in six and half years) and sell off in commodities underpinned by lingering concerns about China, regional markets continued to remain in the bearish zone. Volatility persisted in local market as well due to the last day of roll-over week, observed analysts at major brokerages.
Institutional investors opted for value investing across the broad. In Textile sector, GATM plummeted by 4.5pc after the company announced its yearly financial result of EPS 2.65 and DPS 1.5 against EPS 5.4 last year due to higher other operating expenses.
Weakness remained in selected scrips across the board on concerns for ongoing political uncertainty, investigations and global stocks volatility.
Traded volume today was down by 5pc to 130m shares, whereas, value declined by 24pc to Rs5.2b/ $49.5m. Major activity was restricted to mid cap stocks like KEL, BYCO and TRG with traded volumes of 7m shares, 25.2m shares and 31.1m shares respectively.
Shaky sentiments at the bourse kept market range-bound with KSE-100 index closing at a meager rose 0.2pc WoW amid lackluster volumes down 8pc WoW to 124m shares/day) at the end of the week before the Eid holidays, said JS Global report.
Overall lack of optimism due to fears of NAB investigations against high profile industrialists and brokers continued to hamper market performance despite upbeat corporate valuations.
Lack of triggers kept market volatile with activity in selective stocks and shaky uptrend, with weekend closing clocking-in at a meager up 62pts to 32,823pts.
Of the index heavyweights, E&Ps were knocked down by 2.5pc due to volatile international crude oil prices (+2.9pc WoW to $46.5/bbl) and banks by 0.3pc WoW amid lack of triggers and absence of value buyers. Cement sector, on the other hand, witnessed some activity and closed 1.5pc WoW higher.