Stocks close flat after lacklustre trade

Stocks closed down in a lackluster trade on Friday as shied away from taking fresh positions in the absence of positive cues, dealers said.

They added that the investors preferred to remain on sidelines amid weak global markets and in the absence of triggers.  Ahsan Mehanti at Arif Habib Limited said stocks closed bearish on pressure in oil stocks amid falling global crude prices.

“Institutional support remained in selected auto, banking and cement stocks on strong quarter end earnings announcements,” Mehanti said. “However, political uncertainty, weak global equities and foreign outflows played a catalytic role in bearish close post major earnings announcements.”

The KSE-100 shares index shed 0.37 percent or 180.8 points to close at 49,300.90 points. KSE-30 shares index shed 0.44 percent or 115.78 points to end at 26,04.58 points. As many as 386 scrips were active of which 148 advanced, 223 declined and 15 remained unchanged.

The ready market volumes stood at 289.925 million shares as compared to 398.976 million shares a day earlier.

Nabeel Haroon at JS Global said volatility prevailed in the market during the first half of the trading session as index continuously traded between the positive and negative zones.

“However pressure was witnessed in the market during the second half as the index lost around 181 points to close at 49,301 level.”

Crescent Steel (CSAP) closed on its lower circuit as the company declared its result for nine months, in which it posted EPS of Rs11.28. The result was accompanied by a Rs1.5/share cash payout taking the full year payout to Rs3/share.

HASCOL, up 2.59 percent, garnered investor interest as the OMC posted EPS of Rs3.12 for 1Q2017, up 86 percent. This increase in earnings can be attributed to company's continuous growth in its white oil segment.

Going forward, analysts expect market to cover back declines in days ahead as savvy investors jump in to take advantage of current weakness and cherry pick value plays including stocks that are slated for inclusion in MSCI EM Index.

Companies reflecting highest gains include Unilever Foods up by Rs290 to end at Rs6400/share and Nestle Pakistan up Rs185.98 to end at Rs9199.99/share.

Companies reflecting highest losses include Rafhan Maize down Rs164.58 to Rs7035.42/share and Ferozsons Lab down Rs28.43 to end at Rs540.33/share.

Highest volumes were witnessed in Aisha Steel Mill with a turnover of 29.076 million shares. The scrip shed 71 paisas to close at Rs25.37/share.

Engro polymer was second with a turnover of 21.734 million shares. It shed 16 paisas to end at Rs28.84/share. TRG Pakistan was third with a turnover of 15.67 million shares. It shed 96 paisas to finish at Rs56.81/share.