Pakistan stocks end down as rollover weighs

Pakistan stock exchange (PSX) closed marginally down on Wednesday as investors continued to book profits in the absence of market moving news, dealers said.

“Equities dropped for the second day in a row as morning gains proved short-lived amid thin and selective participation,” said Ali Raza at Elixir Securities.

The benchmark 100-share Index ended down 82.92 points, or 0.23 percent, at 36,499.43 points. KSE 30-share Index shed 60.15 points, or 0.21 percent, to end at 21,164.32 points.

As many as 363 scrips were active; of which 164 closed up, 174 ended down and 25 remained unchanged.  The ready market volumes stood at 269.118 million shares as compared to 298.412 million shares in the last trading session.

Analysts said the market rose in the early hours with oils opening gap up as investors tracked higher global crude prices. Index heavy Habib Bank was up 0.3 percent and MCB Bank was down 1.7 percent. Both the scrips were underperformed recently. They lent in early support, however, pushing the index up more than 36,750 levels.  Other major sectors, especially cements and fertilisers failed to follow the lead and skidded lower in absence of triggers and lack of investor interest. 

Oils also pared gains during the day on profit-taking reportedly by local institutions, leading the benchmark index to shed all its morning gains.

Crude oil prices recovered to trade above $49/bbl level.

OGDC surged 0.90 percent. POL increased 0.73 percent. PPL gained 0.26 percent.

Meanwhile, Hub Power (up 1.6 percent) resumed its positive drive after Tuesday’s correction and contributed the most points to the index.

Fahad Qasim at Topline Securities said profit-taking was seen in the market as focus remained on futures roll-over.

“KEL (K-Electric Limited) was the volume leader with above average volume of 50 million shares amid the market rumour of a sell-off at a higher price,” Qasim said.

Ahmed Saeed Khan at JS Global Capital said the automobile sector continued their upward trajectory on depreciating Yen. 

With no near-term positive triggers in sight and federal budget 2017 drawing near, analysts see market to consolidate at current levels and expect range-bound trading in days ahead.

Companies reflecting highest gains included Bata Pakistan surging by Rs80 to close at Rs3700 while Service Industries gained Rs30.91 to end at Rs811.25/share.

Companies, reflecting major losses, included Sanofi Aventis, down Rs20 to close at Rs540/share, while Khyber Tobacco shed Rs12.41 to end at Rs398.90/share.

Highest volumes were witnessed in KEL with a turnover of 50.12 million shares. The scrip inched down 14 paisas to close at Rs8.03/share. It was followed by Pace Pakistan with a turnover of 22.69 million shares. The stock value inched up 33 paisas to end at Rs7.41/share. Power Cement was the third with a turnover of 18.36 million shares. Its share price rose 43 paisas to finish at Rs11.35/share.