Stocks drop 147 points over oil prices’ volatility

KARACHI – Pakistan bourse continued its reversed direction on Wednesday as global oil prices’ volatility kept the trading range bound with the index shedding by further 0.43%.

The Karachi Stock Exchange (KSE)-100 index lost 146.58 points to close at 34,309.76 points as compared to 34,456.34 of the previous session. The KSE-30 Index shed 129.96 points and closed at 20918.71 points against 21,048.67 points of the last closing. Pakistan equities closed negative after range-bound trading with turnover dropping to two-week low. Oils were a major drag with exploration and production stocks opening the gap after Tuesday’s declines in global crude while support was limited as the investors remained wary of volatility.

As expected, the fertilisers bounced to cover some of previous day’s losses on the back of increased urea prices and as yield hunters took advantage of the weakness, the cements failed to attract attention, said Elixir Securities’ analyst Faisal Bilwani.

“We see selective interest and a range-bound market while foreign flows will continue to guide direction in days ahead. Any sharp moves in the regional markets and/or commodities will have an impact here and we recommend cherry picking with financials as our favourite,” said Bilwani.

Habib Metropolitan Financial Services’ analyst Saba Mahmood said with oil in the global market swaying like a pendulum, the local index continued to mimic its movement as oil scrip turned the bearish sentiment.

The market is expected to remain turbulent with extra sensitivity to oil and regional market movements, added Mahmood. The market volume decreased to 248.895 million shares traded as compared to 353.537 million shares traded in previous session. Trading value at the local bourse fell to Rs 10.653 billion against Rs 16.769 billion of the previous session. Out of 381 scrips, 191 scrips advanced, 174 scrips declined while the value of 16 scrips remained unchanged.

The KMI-30 index declined by 62.55 points to close at 57,338.57 points as compared to 57,401.12 points of the previous session. The KSE all-share index went 148.86 points down to close at 24,037.75 points as compared to 24,186.61 points of the previous session.

Dewan Cement was the volume leader in the market with 35.974 million shares as it closed at Rs 18.39 followed by TPL Tracker limited with trading of 17.588 million shares and closed at Rs 20.12. Jah.Sid.Co traded 16.406 million shares and closed at Rs 23.05.

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