Karachi, December 06, 2017 (PPI-OT): Closing Bell – Turnover paints a dreary picture!
Pakistan Equities closed Wednesday little changed with turnover in wider market again painting a dreary picture as just about USD37mn worth of shares exchanged hands on KSE All Shs Index. Day kicked off flat with little activity in wider market and market hovering near yesterday’s close. Afterwards, sharp losses in Sui Northern Gas SNGP PA -4.7% and Kot Addu Power KAPCO PA -5% dragged KSE100 Index to 39,800 support level; former was on sellers radar due to concerns on proposed downward revision in tariff by Oil and Gas regulator while latter tanked on heavy selling reportedly from local institutional investors amid concerns over plant’s going continuity as government aims to shut old power plants.
Expecting a directionless market as ongoing trading pattern seems to hold for the coming days on lack of interest and immediate triggers.