Stocks end flat asearnings, rollover loom

Stocks benchmark index was little changed on Wednesday, with investors awaiting the rollover week to finish and, more immediately, corporate profits failed to justify lofty valuations, dealers said.

They added that the investors stayed on sidelines in the rollover week amid declining global crude prices. Ahsan Mehanti at Arif Habib Limited said pressure remained in oil stocks on falling global crude prices and investors concerns remained over current account deficit of $6 billion July-March 2017.

“The minuscule recovery was led by banking and auto stocks amid strong quarter-end earnings announcements.” The KSE-100 shares index gained 0.09 percent or 42.34 points to close at 49,827.51 points. KSE-30 shares index shed 0.03 percent or 8.86 points to end at 26,341.33 points. As many as 399 scrips were active of which 168 advanced, 212 declined and 19 remained unchanged.

The ready market volumes stood at 323.016 million shares as compared to 381.346 million shares a day earlier. Nabeel Haroon at JS Global Capital said volatile session was witnessed at the bourse as the index traded between an intraday high of +169 points and intraday low of -140 points to finally close at 49,827 level, up 42 points.

“Pak Suzuki (PSMC) and Indus Motor (INDU) in the automobile sector garnered investor interest as they once again gained to close on their upper circuits on the back of recent promising results.”

Engro Corp (ENGRO), down 0.72 percent, slightly lost value to close in the red zone as the holding company declared its result for the quarter in which it posted EPS of Rs5.42 in-line with street consensus along with a cash payout of Rs5/share.

Moreover MCB, down 0.10 percent, in the banking sector declined despite posting better than expected EPS of Rs5.52 for the quarter along with a cash payout of Rs4/share.

Cherat Cement (CHCC), down 3.61 percent, and Pioneer Cement (PIOC), down 1.13 percent, were major losers in the cement sector despite announcement of good quarterly results.

Major index gainers were Habib Bank (HBL), up 2.0 percent,INDU, up 4.98 percent and D.G Khan Cement (DGKC), up 1.17 percent.

Companies reflecting highest gains include Nestle Pakistan up by Rs200 to end at Rs9400/share and Sanofi Aventis up Rs106.97 to end at Rs2246.47/share.

Companies reflecting highest losses include Rafhan Maize down Rs50 to Rs7300/share and The Searle Company down Rs29.51 to end at Rs638.38/share.

Highest volumes were witnessed in Summit Bank with a turnover of 22.65 million shares. The scrip gained 21 paisas to close at Rs4.96/share.

Azgard Nine was second with a turnover of 21.678 million shares. It shed one paisa to end at Rs14.11/share. Engro polymer was third with a turnover of 20.20 million shares. It shed 94 paisas to finish at Rs28.19/share.