Pakistan stocks end week on lacklustre note

Stocks edged lower on Friday as the broader sentiment remained lackluster in absence of market moving cues, dealers said.

Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed lower amid concerns over political uncertainty and weak financial results. “However, surge in global crude prices amid falling US inventories and reports that the former prime minister Nawaz Sharif’s family did not receive NAB notice to appear for a probe in the panama case invited mid-session support.”

The Pakistan Stock Exchange benchmark KSE-100 shares shed 0.13 percent or 57.68 points to close at 43,078.38 points. KSE-30 shares shed 0.05 percent or 10.89 points to close at 22,198.65 points. As many as 378 scrips were active of which 154 advanced, 203 declined and 21 remained unchanged.

The ready market volumes stood at 188.136 million shares as compared with the turnover of 167.265 million shares a day earlier.  An analyst at Elixir Securities said equities closed last day of the week slightly lower after paring morning losses that pulled benchmark index towards 42,300 level.

“Market started on a weak note as sentiments remained subdued amid prevailing noise on political front. Stocks carried bearish momentum and skidded lower while activity in wider market was also restricted particularly in the morning session.”

Index however recovered in afternoon session as gains in oils and select index names on reported local institutional buying helped cover the declines.

Pakistan Petroleum (PPL),up 5.0 percent) and Oil & Gas Development Company (OGDC)m up 2.8 percent were among top gainers. While among losers, Engro Corp (ENGRO) fell as much as 2.3 percent and its holding company Dawood Herculues (DAWH) plunged as much as 3.9 percent, after Engro announced sub-par quarterly result.

Going forward, analysts see volatility to persist next week with flows and domestic politics mainly guiding market direction. Chartists expect strong support near current levels and expect a bounce back given oversold market conditions.

Companies reflecting highest gains include Nestle Pakistan up Rs374 to close at Rs11,014/share and Mari Petroleum up Rs67.11 to close at Rs1,772.44/share.

Companies reflecting most losses include Bata Pakistan down Rs155 to close at Rs2,945/share and Colgate Palmolive down Rs115 to end at Rs2,325/share.

Highest volumes were witnessed in Azgard Nine with a turnover of 18.15 million shares. The scrip gained Rs1.0 to close at Rs16.26/share. Aisha Steel Mill was second with a turnover of 14.257 million shares. It shed 07 paisas to close at Rs20.86/share. TRG Pakistan was third with a turnover of 13.157 million shares. It gained Rs1.29 to finish at Rs42.88/share.