Stocks closed flat on Monday as uncertainty over Pakistan being included in Financial Action Task Force’s (FATF) watch list continued to persist, making investors stay cautious trading in low volumes, dealers said.
Analyst Jawwad Abu Bakar at Elixir Securities said equities closed slightly lower in listless trading as most investors stuck to the sidelines. “Turnover was recorded at the second lowest level in 2018, and only $30 million shares exchanged hands on benchmark KSE-100 index as pressure from possible categorisation of Pakistan in global terrorist watch list by FATF kept overall sentiments low,” he added.
Pakistan Stock Exchange (PSX) KSE-100 shares index shed 0.12 percent or 54.43 points to close at 43,572.67 points. KSE-30 shares index closed flat at 21,849.79 points.
As many as 370 scrips were active of which 140 advanced, 205 declined and 25 remained unchanged. The ready market volumes stood at 126.71 million shares as compared with the turnover of 148.35 million shares a day earlier.
An analyst at Topline Securities said equities exhibited volatile behaviour despite of a promising start. “The market steadily lost ground as selling pressure exacerbated on account of sizable position in future contracts of Rs10.9 billion requiring settlement by end of this week,” the analyst added.
Barring pharmaceuticals and oil marketing companies (OMCs), all key sectors traded and closed the day lower with Pakistan Petroleum down 0.9 percent denting KSE-100 index the most.
Earnings announced by Amreli Steels, up 2.7 percent and Hub Power, up 0.74 percent came in line with estimates, while that of Fauji Cement, down 3.2 percent and United Bank, down 0.6 percent came lower than expectations.
Going forward, analysts see lacklustre activity to continue with FATF’s possible verdict to likely remain the major driver this week.
Companies reflecting highest gains include Hinopak Motor, up Rs35.49 to close at Rs1,210.99/share, and Wyeth Pakistan, up Rs35.09 to close at Rs1,814/share.
Companies reflecting most losses include Rafhan Maize, down Rs200 to close at Rs7,000/share, and Pakistan Tobacco, down Rs101.94 to end at Rs1,936.96/share. Highest volumes were witnessed in Fauji Foods with a turnover of 9.8 million shares. The scrip gained Rs1.3 to close at Rs27.44/share. TRG Pakistan was second with a turnover of 7.4 million shares. It shed Rs1.07 to close at Rs35.37/share. Matco Foods was third with a turnover of 6.8 million shares. It gained 85 paisas to close at Rs27.50/share.
The headquarters of the Sui Southern Gas Company . — APP FileKARACHI: Sui Southern Gas Company has launched a fresh...
The logo of the ExpoMed Eurasia. — CA MI websiteKARACHI: Pakistan is participating in ExpoMed Eurasia, a leading...
Gold bars are seen in this undated file photo. — AFP/FileKARACHI: Gold prices increased by Rs500 per tola on...
FFBL Head Office building can be seen in Islamabad. — FFBL WebsiteKARACHI: Fauji Fertilizer Bin Qasim Limited has...
Representational file of an BMW car. — AFP FileLAHORE: Small improvements in economic credentials of the country are...
A fuel station worker filling petrol in vehicle at a fuel station in Karachi on Tuesday, April 16, 2024KARACHI: After...