Stocks were little changed in thin trade on Monday as investors prepared for Eid al-Azha holiday break, traders said.
Pakistan Stock Exchange (PSX) benchmark KSE 100-Share Index closed higher by 38.93 points or 0.08 percent to end at 47,873.26 points against 47,834.33 points recorded in the last session. Intraday high was 48,004.54 points, while the lowest level of the day was recorded at 47,751.72 points.
Ahsan Mehanti, analyst at Arif Habib Corp, said, “Stocks closed higher amid thin trade on speculation in the earnings season. Mid-session pressure persisted on falling global crude oil prices and diplomatic row.”
Surge in local petroleum prices, negotiations with independent power producers (IPP) for circular debt resolution and deals, as well as likely hike in local power tariff played a catalytic role.
KSE-30 index, however, declined 0.09 percent or 17.17 points to close at 19,193.18 points against 19,210.35 points in the previous session. Trade volumes shrank by 28 million shares to 320.97 million against 348.57 million shares, whereas traded value dropped to Rs11.89 billion against Rs14.59 billion. Market capital rose to Rs8.365 trillion from Rs8.347 trillion. As many as 416 companies were active in the session, of which 226 advanced, 174 declined, while 16 remained unchanged.
Analyst Haris S Khan of Topline Securities, said, “The market witnessed another lacklustre session before going in for the 3-day Eid-ul-Azha holidays. Uncertainties regarding Pak-Afghan relations coupled with a depreciating rupee kept the market gains in check.”
“SNGP and SSGC came into the limelight and closed the day at their respective upper circuits after news reports suggested that both the companies will benefit from the Pakistan-Russia Agreement to construct the $2.5 billion Pakistan Stream Gas Pipeline project, formerly known as the North-South Gas Pipeline project,” Khan said.
Arif Habib Limited in its report said that the market traded in a narrow range, oscillating between -83 points and +172 points. “Being a short trading week, investors were reluctant to go long and preferred to close the intra-day positions regardless of the pertinent stock prices,” the report said.
As rupee parity slipped during the session, with open market rates falling to 162, textile, chemical, and E&P stocks were favoured against cement, fertiliser and banks, it noted. Highest increase was recorded in the shares of Pak Services, up Rs67 to end at Rs967/share, followed by Colgate Palmolive, up Rs32.97 to end at Rs2,650.47/share.
Major decline was noted in the shares of Wyeth Pak Ltd, which fell by Rs49.37 to close at Rs2,118/share, followed by Bata Pakistan, down Rs28 to close at Rs1,652/share. Significant turnover was recorded in stocks of Byco Petroleum, Dandot (R), Sui Northern Gas Pipeline, Al-Shaheer Corp, Treet Corp, WorldCall Telecom, TPL Properties, TPL Corp Ltd, Hascol Petrol and Siddiqsons Tin.
Byco Petroleum remained the volume leader with 24.34 million shares, showing an increase of 13 paisas to end at Rs10.77 per share. It was followed by Dandot (R) with 23.19 million shares that closed higher by 45 paisas or Re0.73 per share. Shares’ turnover in the future contracts decreased to 55.17 million shares from 61.45 million shares traded in the previous session.