Stocks Continue To bleed, Index Ends Below 49,200

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KARACHI: It was a tumultuous day at the bourse, with the index experiencing a rough ride and ultimately ending negative on the back of falling crude prices.

At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index ended with a fall of 200.69 points or 0.41% to end at 49,191.75.

Elixir Securities analyst Ali Raza said equities closed the last day of the week lower in a dull trading session where benchmark KSE100 Index traded a band of little over 400 points.

Market watch: KSE-100 plunges close to 500 points in intra-day trading

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“Despite Thursday’s healthy foreign buying and positive news of stock brokers receiving Pakistan Stock Exchange sale proceeds, interest in the wider market remained highly selective with only 183 million shares exchanging hands on the KSE all-share index, down 27% vs this week’s average.”

Raza added that the market carried Thursday’s negative trend and opened gap down while falling global crude also had an impact on sentiment in early trade that led KSE-100 index to test support near 49,200 level.

“United Bank Limited (-2.44%) was the day’s laggard as it likely came under pressure on rumours of change in its leadership,” said Raza.

JS Global analyst Arhum Ghous said lackluster activity prevailed as the index traded between an intraday high of +64 points and intraday low of -343 points to finally close at 49,192.

“Volumes stood low at 183 million shares versus 220 million shares traded on Thursday,” said Ghous.

“Exploration and production sector lost value to close in the red zone as crude prices inched up on Friday after dropping to their lowest in more than three months the session before.

“Oil and Gas Development Company (-2.16%) and Pakistan Petroleum Limited (-1.61%) were the major losers of the aforementioned sector.

“Fertiliser sector closed in the red zone on back of the news that the Ministry of National Food Security and Research has reportedly withheld imbursement to fertiliser companies against supply of fertiliser until audit of their claims are finalised and verified by the respective provinces.”

Additionally, added Ghous, mixed sentiments were witnessed in the banking sector as National Bank of Pakistan (+0.70%) gained to close in the green zone, whereas on the flipside UBL (-2.44%) and HBL (-0.23%) weighed down the index.

Trading volumes fell to 182 million shares compared with Wednesday’s tally of 220 million.

Shares of 380 companies were traded. At the end of the day, 121 stocks closed higher, 245 declined while 14 remained unchanged. The value of shares traded during the day was Rs9.7 billion.

Market watch: KSE-100 gains 302 points, closes at 49,754

TPL Tracker was the volume leader with 11.7 million shares, gaining Rs0.01 to close at Rs15.41. It was followed by Bank of Punjab with 11.5 million shares, losing Rs0.26 to close at Rs15.43 and K-Electric Limited with 10.1 million shares, losing Rs0.15 to close at Rs9.51.

Foreign institutional investors were net buyers of Rs339 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Courtesy: Express Tribune

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