Oil fall trimmed the early gains in autos and consumer plays with the index closing down in the third consecutive session on Thursday, dealers said.

Analyst Ahsan Mehanti at Arif Habib Securities said stocks closed lower amid pressure in oil stocks after a sharp fall in global crude prices. Mehanti said institutional support was in the auto stocks amid falling yen. “Weak global equities, foreign outflows and concerns for political uncertainty played a catalyst role in bearish close,” he added.

The Pakistan Stock Exchange’s (PSX) benchmark 100-share Index fell 0.18 percent or 70.91 points to 39,738.67 points. The highest index of the day remained at 39,899.75 points while the lowest level of the day was recorded at 39,722.82 points.

KSE 30-share Index decreased 0.49 percent or 110.03 points to 22,555.25 points. Turnover rose 15 million shares to 365.62 million shares. Trading value increased to Rs13.72 billion from Rs11.40 billion. Market capital fell to eight trillion rupees from Rs8.01 trillion. Out of 444 companies, 226 ended up, 203 closed down and 15 remained unchanged.

Analyst Ali Raza at Elixir Securities said equities closed down in the third consecutive session after trading in a narrow range with oils, cements and selected financials primarily denting the benchmark index.

“Market opened on a positive note, led by gains in autos and consumer plays. However, the index couldn’t carry the momentum following overnight losses in global crude,” Raza said. Lower-than-consensus inflation reading of 3.56 percent year on year for August failed to ignite any interest as participants were wary of direction of the flows.

Mid day negativity also came from Engro Foods (down 2.5 percent) that tanked on reports of aggressive foreign seller.

Cement sector also remained under pressure with most stocks closing in red, including Lucky Cements (down 1.8 percent) that failed to attract any buying interest despite posting earnings slightly higher than the street estimates.

“Overall, activity in the index names were fairly limited, while retail-driven plays dominated the volume chart,” Raza said. “We see a range-bound trading pattern to continue with investors awaiting clarity on the direction of flows as earnings season nears conclusion.”

Highest increase was recorded in shares of Bata (Pak) by Rs99.99 to Rs4,100/share, followed by Island Textile that rose Rs63 to Rs1,353/share. Major decrease was noted in shares of Ferozsons (Lab) by Rs44.97 to Rs854.43/share, followed by Siemens Pak (Lab) that fell Rs25.99 to Rs864/share.

Significant turnover was recorded in stocks of K-Electric Ltd, Byco Petroleum, Aisha Steel Mill, Dewan Cement, Descon Oxychem, Ghani Automobile, Engro Foods Ltd, TRG Pak Ltd, Treet Corp and Ist Capital Securities.

K-Electric Ltd remained the volume leader with 27.34 million shares with a drop of nine paisas to Rs9.12/share. It was followed by Byco Petroleum with 26.18 million shares with an increase of Rs1.21 to Rs26.05/share.

Shares’ turnover in the future contracts increased to 22.61 million shares from 18.76 million shares traded in the previous session.


Print Friendly, PDF & Email