PSX reverses gains as crude oil resumes fall

KARACHI: Pakistan Stock Exchange (PSX) switched to reverse gear mid-day following the fall in crude oil price, laying off over half of morning gains.

Crude oil opened Monday morning comfortably above $32 a barrel having closed 10% up on Friday, but later crumbled back to $31. Asian markets ended Monday’s session on high after Wall Street recorded its first weekly gain in a month on Friday.

The benchmark KSE-100 rallied and rose by 373.56 points to 31,322. The advancement was driven by appreciation in prices of oil companies. Due to the ripple effect of fall in crude oil prices internationally later in the day, prices of oil companies were seen on the downside dragging the index down.

The KSE-100 index ended with gain of 101.22 points at 31,050.22. KMI 30 fell from high of 261.68 points to 52,853.98. KSE All Share gained 72.39 points to settle at 21,850.61. The market volumes contracted to 129.377 million from last session’s 131.175 million.

The technology and communications sector led the volume table with 17.208million shares traded out of which 12.303 million belonged to TRG Pakistan Limited (TRG +2.10%). The power generation and distribution sector followed with volume of 12.245million. Japan Power Generation Limited (JPGL +25.00%) with 8.445 million shares exchanged led the sector volume.

The oil sector was dipped in green for another session. Oil and Gas Development Company (OGDC +2.24%) extended its one-week gain to 7.47%, Pakistan Oilfields Limited (POL +2.55%) was up 7.84% in a week’s time. Mari Petroleum Limited (MARI +3.88%) and Pakistan Petroleum Limited (PPL +1.03%) recorded 5.31% and 9.90% gains in price respectively.

Ferozsons Laboratories Limited (FEROZ -5.00%) swung between the upper and lower lock intra-day. It ended at the floor price after announcement of results for second quarter ended December 31, 2015. The company declared 405% boost in half yearly earnings per share but still failed to meet investor expectations. The half-year EPS cloaked at Rs 49.73 against comparative periods EPS of Rs 9.46. The second quarter EPS stood at Rs 25.10 along with an interim cash dividend of Rs 10 per share.

Noon Pakistan Limited (NOPK -5.00%) also hit the lower cap after announcement of half yearly results. The company declared a loss per share of Rs 3.38 for the period from July 2015 to December 2015 with loss after taxation of Pkr 106.073 million.

JDW Sugar Mills (JDWS 0.00%) announced results for the first quarter ended December 2015. Profit after taxation of Rs 167.58 million translated into earnings per share of Rs 2.80, up 67% from last quarter 1 EPS of Rs 1.67.

According to data compiled by the National Clearing Company of Pakistan Limited, Foreign investors were net buyers of US$ 1.93million on Monday. Net inflows of $1.21 million were seen in the cement sector. Local individual investors were largest sellers for the session, they ended with net outflows of $1.65 million.

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