Pakistan stocks remain volatile, buying witnessed in last hour
KARACHI: Pakistan stocks opened the holiday-shortened week in the negative territory. The wave of selling rippled from regional markets and dripping price of crude oil. The market volumes crashed 20.53% compared to previous session to land at 90.927
Investor sentiments reversed towards the day end from selling to buying and the large cap companies index, KMI 30, ended 40.31 points (55,091.22) in the green having touched a low of -291.03 points in the day. Similar trend was seen in the KSE-100 index, which closed at 32,659.20 (-117.84pts) after reaching a day’s low of -286.79 points. KSE All Share traded with a low of -152.78 points and settled at 22,686.43 (-54.99 points).
Habib Bank Limited (HBL -3.52%) with volume of 6.03 million dragged the commercial bank sector on top of the volume chart. The entity touched the lower cap during the day as investors laid off the share after regulatory and compliance issues were reported in its New York branch.
Overall, mixed reactions were observed in the sector with low cap companies leading the price change table. JS Bank Limited (JSBL) up 6.46% was top gainer followed by Soneri Bank Limited (SNBL) up 5.69% and Summit Bank Limited (SMBL) up 5.48%.
The oil and gas exploration sector hurt the index again on Monday. Only Mari Petroleum Limited (MARI) appreciated 0.02% while Pakistan Petroleum Limited (PPL) was down 1.10%, Oil and Gas Development Company (OGDC) by 1.08% and Pakistan Oilfields Limited by 0.71%.
The cement sector remained neutral to news of South Africa anti-dumping duty getting effective from December 18. The market analysts believe that the sector has already adjusted for this. Lucky Cement Limited (LUCK) with duty of 14.29% gained 0.90%, Dera Ghazi Khan Cement (DGKC) was up 0.28% with duty of 65.53% and Attock Cement Limited (ACPL) with 62.69% duty fell 2.20%.
Maple Leaf Cement factory (MLCF) which closed down 0.31% in an announcement post market closure informed that it’s wholly owned subsidiary, Maple Leaf Power, has entered an agreement with plant supplier M/s Sinoma Energy Conservation Limited, China for setting up 40MW imported coal fired power plant in district Mianwali. The company believes it will help in capacity utilisation and overcoming energy shortage in the country. Sui Northern Gas Pipeline Limited (SNGP) rose 1.10% after the Oil and Gas Regulatory Authority (OGRA) approved 38% raise in gas tariffs for its customers.
Siemens Pakistan Engineering Company Limited (SIEM) appreciated 2.11% subsequent to announcement of plans to spin off its healthcare business. The segment assets have a book value of Rs 481 million, net assets value Rs 68 million and fair value of Rs 119 million.