KSE100 Index closed in red with a very low level of activity.
43,807 -168 (-0.38%)
PSX started with a positive tone and KSE100 Index did reach a high of 44187, but in absence of any positive development on economic, or political level the market continued to lose ground throughout the day.
Next week being roll-over week is also a consideration for active market participants to remain on sidelines this week. It is a good thing there is no selling pressure in the market.
Cement sector did see some positive interest as cement prices at retail level have increased because of cost pressure. In overall terms activity remained subdued though.
Oil prices (Brent) again spiked above $100 (now trading at $105) after news that diplomacy is not making much headway between Ukraine and Russia. Fed increased its benchmark rates yesterday, that too has not dented speculative activity in the commodities market.
Trading would be curtailed by one day next week due to the 23rd March holiday. Next week will also be marked by a big event for Pakistan i.e. OIC meeting. And politics around no confidence move is expected to backstage next week.
Normally positive corporate results are enough for keeping the market in good humor. But individuals have massive losses at PSX in a number of scrips that proved to be highly speculative in nature. Market badly needs a critical mass of new companies in new sectors for generating a broader investor interest. Still it is encouraging that we are not facing a situation where corporates are heavily burdened by debt or face stagnant demand. We do have chronic public finance issues made worse because of an international event.