October 17, 2019

Stocks fall 180 points on mutual fund selling

KARACHI: The bear market continued to float in the stock market with the KSE-100 index falling 180.13 points (0.59%), closing just above the 31,000 point at 31,000.67.

In the Chinese-American trade war, the prospect of a global economic slowdown undermines the sentiment of investors. On top of that, as the country’s civil and military leaders continue to consider the situation, local exchanges behind the geopolitical turmoil continue to face selling pressure.

Trading volume increased slightly from 4 million shares to 54.3 million shares, while trading prices increased 49% to $ 16.8 million, compared to $ 11.2 million on the previous trading day. Important stocks, including Maple Leaf Cement, K-Electric, Hub Power, TRG Pakistan and Fauji Fertilizer, accounted for 27% of total production.

Foreign investors continue to lose money, while mutual funds sell shares worth $ 1.81 million, which were acquired by banks that bought $ 3.5 million in shares.

Hub Power collapsed with most heavyweights such as Habib, United Airlines, National Bank, PSO and MCB. Banks are the main laggards, with large banks closing in negative areas and mixing oil and gas. The cement did not show a clear trend, luck fell, while DG Khan rose 1.2 liters. In addition, as Engro production increased by 0.1% and Fauji 1.3pc closed in green, the fertilizer stopped.

The Scrips hat contributed positively to the Fauji fertilizer, with a maximum of 19 points, a Pakistani oil field of 11 points, a Dawood Hercules of 10 points, a Habib bank of 6 points and a Ghani glass of 5 points. On the other hand, Union Bank fell 38 points, MCB 37 points, Hub Power 26 points, Colgate-Palmolive Pakista 12 points and Thal Ltd 10 points.

JS Global analysts said that due to the general ambiguity of the political environment, they expect the market to fluctuate in the next trading days.

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