Stocks close flat in listless trade

Stocks on Wednesday ended flat in a listless trade as investors preferred to stay on the sidelines while some booked profits in the select names, dealers said.

“The market remained jittery as investors await the final verdict of the Supreme Court on Panama case,” said Maaz Mulla, an analyst at JS Global said.

The KSE 100-share Index of Pakistan Stock Exchange shed 0.02 percent or 9.51 points to close at 45,908.39 points. KSE 30-share Index gained 0.05 percent or 12.08 points to end at 23,968.21 points.

As many as 365 shares were active; of which 141 increased, 204 decreased and 20 remained unchanged. The ready market volume stood at 175.731 million shares as compared to 223.579 million shares a day earlier.

Elixir Securities, in a report, said equities closed flat in a lacklustre trade with the benchmark KSE-100 Index trading in a narrow range of 250 points. “Start was on a positive note with oil sector leading gains, tracking higher global crude prices,” the brokerage added.

“Index, however, couldn’t sustain its morning run and erased all the gains by day’s close as participants, likely wary of uncertain direction of market, chose to book profits.” The Index names saw very selective participation from institutional investors. Only a handful of stocks that attracted significant institutional interest – both from locals as well as foreigners – were Oil and Gas Development Company (up 0.3 percent), Fauji Fertilizer (rising 0.5 percent), Engro Corp (increasing 0.7 percent) and Engro Fertilizer (ratcheting up 0.2 percent).

Fauji Fertilizer disclosed its intention to invest additional Rs2 billion in its subsidiary Fauji Foods via right shares subscription. Fauji Foods surged 5 percent. The market saw listless trading in the near-term with stocks trading range-bound and the Index consolidated in a range of 500 points. 

Analysts said ongoing results season is not expected to create much excitement given uncertainty on domestic politics and most participants will likely continue to wait for Supreme Court’s decision related to Panamagate case.

Companies, reflecting highest gains, included Unilever Foods up Rs210 to close at Rs6,300/share and Hinopak Motor that rose Rs65.63 to end at Rs1,378.35/share.

Companies, with most losses, included Phillip Morris Pakistan down Rs113 to end at Rs2,775/share and Bata Pakistan that fell Rs70 to close at Rs3,100/share.

Highest volumes were witnessed in Azgard Nine with a turnover of 22.812 million shares. Its stock value gained 81 paisas to close at Rs14.36/share. Sui Southern Gas was the second with a turnover of 16.706 million shares. Its share price was up 55 paisas to end at Rs43.63/share. Dewan Motors was the third with a turnover of 11.133 million shares. It shed Rs1.38 to finish at Rs42.81/share.