Early gains erased, Pakistan stocks end flat
KARACHI: Pakistan stocks opened the day on a positive note but soon all gains were erased and the indexes ended flat. In the holiday-shortened week, which is also week of future settlement, market volumes diminished 13.60% to touch 78.56 million. Aggregate fall in volumes this week is recorded at 31.31%.
Buying was witnessed as the session began on Tuesday taking KSE-100 index up by 176.52pts but the index soon shed all gains to settle down 17.88 points at 32,641.09. Similarly KMI 30 appreciated 411.13 points trading in the day but finished up only 79.52 points at 55,171.20. While KSE All Share recorded a high of 107.01 points to close at 22,691.56 with positive 4.88 points.
The commercial banks were seen on top of the volume table with a turnover of 12.89million. Bank Al Falah Limited (BAFL -1.28%) with 3.34million shares exchanged was in lead. Soneri Bank Limited (SNBL) was top gainer in the sector with a raise of 5.60%. All major banks were seen in red zone, MCB Bank Limited (MCB) was down 0.36% and United Bank Limited (UBL) by 0.19%. Habib Bank Limited (HBL) after two consecutive lower locks stabilized a little shedding only 0.49%.
The fertiliser sector with volume of 90.01 million was second on the volume table. Mixed sentiments were seen in the sector with Dawood Hercules Corporation (DAWH) consolidating 2.52%, Fatima Fertilisers Limited (FATIMA) 2.17% and Engro Fertilisers Limited (EFERT) 1.67%. On the other hand, Fauji Fertiliser Company (FFC) laid off 0.86%, Arif Habib Corporation Limited (AHCL) 0.54% and Fauji Fertiliser Bin Qasim (FFBL) 0.19%.
After crude oil touching $36 trading on Tuesday morning optimism was seen in the oil sector in early trading hours. Pakistan Petroleum Limited (PPL) touched a high of Rs 272.99 but closed at Rs 118.61, Pakistan Oilfields Limited (POL) rose to Rs 122.29 before closing at 268.02 while Mari Petroleum Limited (MARI) ended the day at Rs 700.10 falling from high of Rs 714.50.
NetSol Technologies (NETSOL +5.00%) secured another upper cap to attain 52-week high price of Rs 63.94. The company had informed all stakeholders this morning about inking of new $100mn contract.
Noon Pakistan Limited (NOPK -5.00%)) tripped to lower cap after announcement of 321.20% right shares. Right shares will be issued at Rs 29.78 including a premium of Rs. 19.78.