Pakistan stocks lose 163 points amid volatile trading

KARACHI: Pakistan stocks witnessed volatile trading on last day of the week, as the index took negative signals from the uncertain political scenario and declining prices of crude oil.

The benchmark KSE-100 index shrunk by 163.41 points to end the week at 33,048.51. Profit taking was witnessed as the KMI 30 index shed 370.10 points to reach 54,877.12. KSE All Share gained momentum and closed the market after trading 189.19 million shares.

Low and mid cap companies were centre of attraction again. Bank of Punjab (BOP +6.09%) with 55.61 million in volume helped the commercial banks sector to lead the volume table with 55.61 million shares traded in the sector. None of the major banks could perform well, United Bank Limited (UBL) fell 0.23%, MCB Bank Limited (MCB -1.04%) while Habib Bank Limited (HBL) gained a minor 0.10%.

Sui Southern Gas Company (SSGC +2.44%) with volume of 28.14 million placed the oil and gas marketing sector second on the volume chart with 32 million shares traded. Chemical sector with 14.86 million shares was next. The sector could not carry forward last session gains as overall investors remained cautious. Akzo Nobel Pakistan Limited (AKZO) closed after gaining 2.72%, falling from upper cap. Other top gainers included Bawany Air Products Limited (BAPL) up 8.25% and Ittehad Chemical Limited (ICL) up 2.40%.

The oil and gas exploration continued heading southwards along with the crude oil prices. Pakistan Oilfields Limited (POL) depreciated 2.50%, Oil and Gas Development Authority (OGDC) 0.14% and Pakistan Petroleum Limited (PPL) 1.82%.

The upper automobile sector showed mixed reactions after Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) in a press conference on Thursday spoke about potential the sector holds and how the delay in auto policy from the government is damaging the sector.

Key manufacturers Honda Atlas Cars Limited (HCAR) shrunk 1.14%, Indus Motors Company Limited (INDU) 1.15% while Pakistan Suzuki Motors Company (PSMC) gained 0.39%. Foreigners were net sellers of $3.05 million ahead of next week’s FED meeting.

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