KARACHI – Stocks closed bearish on second consecutive day Friday on pressure in scrips across the board.

The benchmark 100-share index of Pakistan Stock Exchange lost another 272.11 points (0.68%) to close at 39499.09 points.

Rumors of abolishing duty on imported cement led cement stocks to decline while HBL and ENGRO declined to contribute 108 points to the fall of index, dealers said.

Cement sector led the decline as the sector closed 1.53% lower from its previous day’s close. Major losers of the aforementioned sector were DGKC (down 2.43%) and MLCF (2.30%). The fertilizer sector saw selling pressure as FFC (down 0.98%) and EFERT (1.36%) declined on the back of news that the ECC has approved sale of imported urea at Rs1,310 per bag. Despite pressure in the market, POL (up 1.54%) and PPL (0.45%) in the E&P sector managed to close in the green zone on the back of surge in nternational crude oil prices.
HBL (down 1.16%) led the decline in the banking sector, as the index heavy weight lost value to close in the red zone, said analyst Nabeel Haroon at JS Global.

Volumes declined by 8.7% to 218m shares, while value also declined by 15.3% to Rs11.6b/$111m.

Local oil stocks supported the market as international crude rose.PPL and POL gained 0.4% and 1.6% respectively. FATIMA announced EPS of 0.9/share accompanying cash dividend of 1.25/share. Result was above market expectations. PAEL announced EPS of 3.7/share along with cash dividend of 1.25/share. Stock declined by 0.3%, stated dealers at major brokerage.

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