PSX losing streak extends to sixth straight day

Pakistan Stock Exchange (PSX) ended lower on Thursday for a sixth straight day, as investors stayed on edge ahead of the Supreme Court decision on Panama paper case, dealers said.

“Another dull session was witnessed as investors trimmed their position ahead of Panama decision,” Topline Securities said in a post market note. “Moreover, absence of trigger and roll-over week kept pressure on the market.”

Ahsan Mehanti at Arif Habib Limited said stocks fell sharply lower on institutional profit taking in the post earnings season. “Investor concerns over outcome of regulatory actions on non-compliant brokerage firms and leverage product issues played a catalytic role in bearish close.”

The benchmark KSE-100 shares index shed 0.88 percent or 426.30 points to close at 47,949.33 points. KSE-30 shares index shed 0.90 points or 230.44 points to end at 25,512.17 points. As many as 386 scrips were active of which 84 advanced, 285 declined and 17 remained unchanged.

The ready market volumes stood at 241.249 million as compared to 272.27 million shares a day earlier. Arham Ghous at JS Global said another bleak session was witnessed at the local bourse as the benchmark KSE-100 index traded between an intraday high of +129 points and intraday low of -555 points.

During first half of the session, some interest was seen in oil and gas exploration stocks on the back of uptick in international oil prices. However, oil stocks came under pressure in second.

Pakistan Oilfields (down 1.32 percent) and Pakistan Petroleum (down 0.50 percent) closed in the red in the E&P sector as crude prices reversed course and declined. Oil marketing companies (OMC) sector also closed in red.

Sui Northern Gas (SNGP), up 0.13 percent, closed positive on the back of news that the government begins splitting gas utilities to get loans. Moving forward, analysts expect market to remain volatile as pressure is likely to persist due to the rollover week.

Companies reflecting highest gains include Phillip Morris Pakistan up by Rs102.05 to end at Rs2699.54/share and Mari Petroleum up Rs68.95 to end at Rs1448.07/share.

Companies reflecting highest losses include Wyeth Pakistan down Rs132.45 to Rs2545.73/share and Sanofi Aventis down Rs104.32 to end at Rs2031.69/share. Highest volumes were witnessed in Azgard Nine with a turnover of 34.033 million shares.

The scrip gained 89 paisas to close at Rs13.10/share. Bank of Punjab was second with a turnover of 25.616 million shares. It shed Rs1.0 to end at Rs15.05/share. Jahangir Siddiqui Company (JSCL) was third with a turnover of 19.893 million shares. It gained Rs1.20 to finish at Rs27.01/share.