Pakistan stocks swing both ways awaiting clarity from political arena
KARACHI: The index witnessed heavy buying in the first half of the day where KSE-100 index touched 32,994.96 (+237.14 points), as crude oil rebounded. However all gains were wiped off after the uproar in Sindh Assembly on Rangers issue and the KSE-100 index closed at 32,467.04 (-290.78 points).
Investors laid off large market cap companies and the top 30 companies’ index. KMI 30 shed 326.73 points to reach 54,081.37. KSE All Share lost 169.35 points to touch 22,538.36.
The market volumes remained constant at 145.50 million, a raise of only 0.68% from last session as investors waited for FED’s decision over interest rates.
The technology and communications sector with volume of 21.94 million was the highest traded. TRG Pakistan Limited (TRG -4.98%) touched the lower lock but was volume leader of the day. NetSol Technologies (NETSOL +4.99%) touched another upper cap after signing high net worth contracts.
The commercial banks were second on the volume chart with 13 million shares. Profit taking was seen across the board with only Standard Chartered Bank (SCBPL +3.22%) and Habib Metropolitan Bank (HMB +0.16%) recording gains. Large banks including Habib Bank Limited (HBL -0.05%), MCB Bank Limited (MCB -2.33%) and United Bank Limited (UBL -2.77%) remained all down.
Buying was observed in the oil and gas sector after increase in crude oil price. Oil and Gas Development Authority (OGDC) rose 0.55% and Mari Petroleum Limited (MARI) by 2.03%. Pakistan Petroleum Limited (PPL) was up 4.32% after news of hydrocarbon discovery from its well in district Matiari, Sindh.
Pakistan International Airline (PIA) share dropped 1.25% as employees of the company took on to the streets to protest against the proposed privatisation of the entity.
Non Pakistan Limited (NOPK +5.00%) touched the upper cap after the company announced a board meeting on December 21 to discuss business plan for the upcoming year and matters concerning rights Nishat Mills Limited (NML -0.20%) recorded highest volume in the textile composite sector as the company showed interest in buying holding of Faisalabad Electric Supply Company (FESCO). FESCO is currently owned by the government and is soon to be privatised.
Foreigners continued offloading oil and gas exploration and fertiliser stocks and invested in smaller sectors. They ended the trading session on Tuesday with net buying of $8.23million.