KSE – 100 witnessed a sharp decline today closing down 0.6% to 45,593 points. The index started jittery and was further compounded by Supreme Court’s decision to not hold Senate elections via open balloting but traceable votes. Although government & opposition both touted this as a “win”, the investors remained uncertain of the elections outcome & government’s ability to legislate structural reforms.
Among the major decliners were Unity Foods (-5%), Agha Steels (-7%), BYCO (-4%), UBL (-3%). Agha steel result disappointed the investor with contraction in the margins. Whereas, GGGL (+7%), GGL (+7%,), STCL (+5%) & MUGHAL (+3%). Shabbir Tiles posted strong sustainable results while the detailed reports of Ghani Global group rejuvenated the investors.
Highest activity was recorded in ANL (+2.3%) with 31.8mn shares traded and TRG (-0.40%) with 24.6mn shares. Correction was visible in FML (-6.7%) and BYCO (-4.6%), while EPCL (+4.8%) and PSMC (+1.0%) closed in the positive territory among the KSE-100 constituents.
We expect the flattish trend to continue over next few days until Senate outcome is determined. Majority seats for PTI should be taken as a continuation of positive momentum.