Pakistan stocks end last session of week in red
KARACHI: Pakistan stocks was ruled by bears on its last trading session. All three stock exchanges of the country would merge on Monday to form the Pakistan Stock Exchange (PSX). The bourse ended first week of the year down after a roller coaster ride preceding to Chinese market’s premature shut down, crude oil prices down to 11 year-low and volatile regional markets.
On Friday, the Karachi Stock Exchange closed up 0.45% at 32,534.85 after trading down as much as 0.63%. KMI 30 finished 0.31% lower at 55,415.55, while KSE All Share fell 0.44% to 22,743.70.
The market volumes contracted to 110.556 million with commercial bank sector on top with 14.951million shares traded. Allied Bank Limtied (ABL +1.47%) was the top price gainer with all major banks ending at the bottom. Habib Bank Limited (HBL -1.40%) was top loser for the day followed by MCB Bank (MCB -1.25%) and United Bank Limited (UBL -0.44%).
Power generation and distribution sector was second highest traded. Southern Electric Power Company Limited (SEPCO -4.35%) led the volume chart. The company is a part of the defaulter segment. SEPCO along with nine other companies have been issued a deadline of January 11th to rectify their faults or face suspension in trading of shares.
Cement sector was third on the volume chart. Although market analysts are optimist about bright future of the sector, investors preferred to book profit. Dera Ghazi Khan Cement (DGKC) shed 1.60%, Maple Leaf Cement Factory (MLCF) lost 1.32% and Lucky Cement Limited (LUCK) was down 1.24%.
After two days of buying, selling was witnessed in Pharmaceutical sector on Friday. Most stocks were seen lingering in red for most part of the trading session. Highnoon Laboratries Limited (HINOON) laid off 3.83% and Glaxo SmithKline Pakistan Limited (GLAXO) was down 1.41%. Only The Searle Company (SEARL) managed to gain a minor 0.35%.
Bloodshed continued in oil and gas exploration stocks. Pakistan Oilfields Limited (POL) fell the most, 3.05%, Mari Petroleum Limited (MARI) was down 1.37% and Oil and Gas Development Company shrunk Pakistan International Airline (PIAA) depreciated 1.88% subsequent to reports of irregularities of Rs million detected while accounts reconciliation.
Mitchell’s Fruit Farms Limited (MFFL -4.99%) hit the bottom cap post announcement of earnings per share of Rs 3.44 in contrast to last year’s Rs 13.65. Sales for the year were down by 12% and profit after taxation by 74.77%. Despite poor performance, the company still managed to announce a cash dividend of 25%.
Shakarganj Limited (SGML +3.02%) also declared results for the year ended September 30, 2015. The company reported a loss per share of Rs 2.05 against last year loss per share of Rs 9.19. Reduction in loss coupled with recommendation to issue 58.2192% right shares was welcomed by the investors and the stock rallied 3.02%.