PSX resumed its downfall after a day’s calm

KARACHI: The Pakistan Stock Exchange (PSX) resumed its downfall after a day’s gap. Trading started on Wednesday while terrorist attacked the Bacha Khan University, Charsadda.

Investors also took fright at the falling crude oil prices and bears engulfed the markets across the globe. Prices of crude took another dip following the bleak predictions by delegates, gathered at the World Economic Forum in Davos, Switzerland.

Indexes remained in the red throughout the day with KSE-100 index closing below the 31,000 mark. KSE-100 index shed 326.60 points to reach 30,766.01. KMI 30 closed 854.46 points down at 52,291.98. Only 4 scripts managed to end in green. KSE All Share was down 156.78 points to settle at 21,578.36.

The market volumes contracted 45.40% to 106 million. The cement sector with 16.011 million shares traded was highest traded sector. Maple Leaf Cement Factory (MLCF +0.61%) was the volume leader in the cement sector for the second day.

The company announced half yearly results for the period ended December 31, 2015. Half-year sales rose 12.25% resulting in a gross profit margin of 40.63% against previous year’s 36.05%. Despite a raise of 14.12% in costs, it still managed to boost profit from operations to Rs 3,349.79million, 30.14% up from half-year ended December 31, 2014. Profit after taxation cloaked at 2,342million with an increase of 63.35%. The half-year earnings per share stood at Rs 4.44 with a cash dividend of Rs 1.50. Sales appreciated 12.88% quarter-on-quarter and profit after taxation surged 68.31% to consolidate the quarter’s earnings per share to Rs 2.84.

Despite healthy results the stock could not demonstrate any healthy gains and increased only 0.61%. Other companies in the sector demonstrated mixed returns with Gharibwal Cement Limited (GWLC) gaining 3.71% and Lucky Cement Limited (LUCK) losing 3.97%.

The oil and gas stocks remained under pressure all day long but managed to recover some losses by end of the session. Oil and Gas Development Company (OGDC) shed only RS 0.01 to close at Rs 98.50 after touching low of Rs 95.01. Mari Petroleum Limited (MARI) depreciated by 0.25%, Pakistan Petroleum Limited (PPL) by 1.22% and Pakistan Oilfields Limited (POL) by 1.87%.

Fortunes were no different for oil marketing companies and all of them declined. Shell Pakistan Limited (SHEL -2.89) dropped the most followed by Hascol Petroleum Limited (HASCOL -1.91%).

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