Pakistan stocks inch down on weak oil, global equities

Stocks inched down in a volatile trade on Friday as the gloom in equity markets globally prompted investors to dump shares, dealers said.

Ahsan Mehanti at Arif Habib Limited said pressure remained in blue-chip oil stocks amid thin trade. “Concerns for foreign outflows, surging circular debt in the energy sector and dismal payouts in the earnings season played a catalytic role in bearish close.”

The Pakistan Stock Exchange KSE-100 shares index shed 0.11 percent or 54.26 points to close at 49,008 points. KSE-30 shares index shed 0.19 percent or 50.37 points to end at 26,592.23 points.

As many as 414 scrips were active of which 136 advanced, 261 declined and 17 remained unchanged. The ready market volumes stood at 275.386 million as compared to 266.165 million shares a day earlier.

Abrar Juma at Global Research said the bourse witnessed a volatile session as index remained went north during the first half, however, declined during the second half, closing with a negative change.

“Barring Mari Petroleum (MARI), which surged 3.82 percent, the E&P (energy and petroleum) sector dragged the index down by 57points as companies tracked declining international oil prices.”

WTI closed 0.62 percent down and Brent closed 0.74 percent down. Habib Metropolitan Bank (HMB) up 3.69 percent remained in limelight as Securities and Exchange Commission of Pakistan (SECP) approved its modarba with paid up capital of Rs300 million.

Nishat Chunian Power Limited (NCPL) closed at its lock circuit as the company skipped the interim dividend in the half-year ended December 31, 2017. Moreover, Pakistan National Shipping Company (PNSC) also closed at its lower limit due to disappointing financial result.

Going forward, analysts expect market to consolidate around current levels with foreign flows to further decide direction of market.

Companies reflecting highest gains include Nestle Pakistan up by Rs450 to end at Rs9450/share and Rafhan Maize up Rs110.50 to end at Rs7710/share.

Companies reflecting highest losses include Wyeth Pakistan down Rs151.20 to Rs3965.13/share and Sanofi Aventis down Rs85.89 to end at Rs2404.11/share.

Highest volumes were witnessed in Aisha Steel with a turnover of 24.388 million shares.

The scrip shed Rs1.08 to close at Rs25.05/share. K-Electric Limited was second with a turnover of 22.309 million shares. It gained 06 paisas to end at Rs9.81/share. Azgard Nine was third with a turnover of 18.918 million shares. It shed 63 paisas to finish at Rs9.32/share.