Bears regain control of Pakistan stocks

KARACHI: Bears engulfed Pakistan stocks on the last trading day of the week. Carnage across commercial banks and oil sector pulled the index down. Top 100 companies laid off 332.50 points to close the week at 32,777.04. KMI 30 index shed 320.41 points to reach 55,050.91 and KSE All Share touched 22,741.42, losing 166.72 points.

The market volumes dried up 20% as compared to the previous session and settled at 114.378 million. The commercial banks led the volume chart with 22.20 million shares traded. Investors sold 7.77million shares of Habib Bank Limited (HBL -5.00%) leading it to the lower lock. The bank took this hit after Federal Reserve’s System (FED) in the United States and the bank entered into a ‘cease and desist order’. The bank has 60 days to submit a plan of improvement after breaches of regulation and compliance were found.

National Bank of Pakistan (NBP -3.69%) fell after rumors that it may not be able to recover Rs 12 billion lent to Omni Group. The bank has already taken Rs 18.5 billion hit on profits this year following scam in Bangladesh operations.

The cement sector with cumulative volume of 12.60 million was next on the volume chart. Dera Ghazi Khan Cement (DGKC +0.60%) was volume leader in the sector. The sector showed mixed reactions with Kohat Cement Limited (KOHC) up 2.26% and Cherat Cement (CHCC) up 1.21% while Maple Leaf Cement Limited (MLCF) shrunk 1.18% and Lucky Cement (LUCK) by 0.97%.

After a good day on Thursday, the oil sector struggled again. Oil and Gas Development Authority (OGDC -1.09%) completed its hat trick on top of the volume table in the oil and gas exploration sector. None of the companies except Mari Petroleum Limited (MARI) up 3.51% managed to show a major gain. Pakistan Oilfields Limited was up by meagre 0.12% while Pakistan Petroleum Limited (PPL) was down 2.01%.

Selling was seen across the fertiliser and automobile assembler sector. In the fertiliser sector, Arif Habib Corporation Limited (AHCL) shed 2.78% and Dawood Hercules Corporation Limited (DAWH) down 1.21%.

In the automobile assembler sector, top players Pakistan Suzuki Motors (PSMC) fell 2.82% and Honda Atlas Cars (HCAR) down 0.32%.

Siemens Pakistan Engineering (SIEM) depreciated 1.77% after announcing a full year EPS of Rs -64.05 against last years Rs -63.51. The company declared a cash dividend of Rs 10.


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