PSX lays off early gains, ends another session in red

KARACHI: The Pakistan Stock Exchange (PSX) was pulled down in a tug of war between market bulls and bears. The market opened when global markets demonstrated mixed sentiments and crude oil was positive. Bulls controlled the bourse in early trading, the blue chip companies’ index KSE 100 gathered 219.10 points and KMI 30 clinched 521.29 points.

Bears regained control later and the KSE 100 index ended down 111.48 points at 32,154.17.

KMI 30 laid off 162.96 points to reach 54,953.81 and the KSE All Share touched 22,384.27 losing 87.06 points.

The market turnover stood at 115.443 million with a value of Rs 6.755 billion against last session’s turnover of 127.410 million and value of Rs 7.635 billion. Beneficiaries of China Pakistan Economic Corridor (CPEC), cement and engineering sectors, were centre of attention on Wednesday.

Cement sectors led the volume chart with 17.397 million shares traded. Fauji Cement Company Limited (FCCL -0.42%) was highest traded in the sector. Following the market trend, scripts in the sector shed greater part of gains by day end. Lucky Cement Limited (LUCK) closed up 0.38%, Dera Ghazi Khan Cement Company Limited (DGKC) rose 0.36% while Maple Leaf Cement Factory (MLCF) on contrary lost 0.11%.

The engineering sector endorsed two companies at the upper cap, International Industries Limtied (INIL +4.99%) and International Steels Limited (ISL +4.97%). New entrants Mughal Iron and Steels Industries Limited (MUGHAL) and Amreli Steels Limited (ASTL) edged up 2.09% and 0.13% respectively with handsome volumes.

Wednesday brought no change of fortunes for the oil and gas exploration sector as all four scripts went down deeper. Mari Petroleum Limited (MARI -4.27%) depreciated to Rs 638.93, Pakistan Oilfields Limited (POL -3.38%) dived to Rs 220.02, Pakistan Petroleum Limited (PPL -1.58%) dropped to Rs 114.02 and Oil and Gas Development Company (OGDC -1.18%) collapsed to Rs 104.14.

Pharmaceutical sector was a combination of green and red subsequent to news that the Drug Regulatory Authority of Pakistan (DRAP) has reached the decision to introduce a ‘global unique identification code system’. This will help curb sale of counterfeit drugs and in turn boost sales of pharma companies. Abbot Laboratories Pakistan Limited (ABOT) appreciated 1.77%, Otsuka Pakistan limited (OTSU) elevated 1.62% while Highnoon Laboratories Limited (HINOON) was down 0.13%.

K-Electric Limited (KEL) was up 0.28% after a parliamentary panel obtained details of its generation and power purchase agreement with the Central Power Purchasing Agency. The action was taken after the committee was informed that the entity was receiving 750 megawatts from national grid instead of 650MW as per the expired agreement.

Local investors were net sellers of $0.151 million according to figures compiled by National Clearing Company of Pakistan Limited. Individuals booked profit recording an net outflow of $1.59 million while banks were net buyers of $1.52 million.

Cement stocks were sold the most by locals, net outflow of $1.07million. Foreigners ending as net buyers for another session was the highlight of Wednesday’s session.

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