PSX loses 70 points amid volatility
KARACHI: The Pakistan Stock Exchange (PSX) ended another session flat. The KSE-100 index dropped 135.47 points at the start as anticipated by market analysts. The index later recovered 65.73 points but closed the volatile session flat at 33,759.97 losing only 70.15 points. Doubtful investors booked profit in KMI 30 index companies. The index remained drenched in the red for the whole session on Monday.
The index crashed to a day’s low of negative 350.63 points and landed down 222.04 points at 59,459.28. The KSE All Share settled at 23,118.09 with 20.46 points loss. The session had 142 scripts advance and 160 declines. The market volumes toppled to 156.58 million shares.
The oil and gas marketing sector ruled the volume chart with 20.49million shares traded as Sui Northern Gas Pipeline Limited (SNGP +5.00%) attracted a healthy volume of 12.34million. The script flew to an upper lock after the Oil and Gas Regulatory Authority allowed the LNG projects in the rate base under ring fence mechanism in the light of the Economic Coordination Committee (ECC). Sui Southern Gas Company Limited (SSGC +4.97%) also hit the upper lock.
The refinery sector resumed its flight from Friday and registered volume of 15.46 million. Attock Refinary Limited (ATRL +5.00%) closed at the upper lock with National Refinery Limited (NRL) and Pakistan Refinary Limited (PRL) up 2.22% and 2.19%. Star of the last session, Byco Petroleum Pakistan Limited (BYCO) edged down 1.11%.
Oil and gas exploration sector tracked crude oil prices lower. All the stocks slipped, Pakistan Oilfields Limited (POL) shred 1.44% and Oil and Gas Development Company (OGDC) fell 1.09%.
Habib Bank Limited (HBL) gained a minor 0.79% even after it received license to set up a branch in Chinese city of Urumqi. HBL now is the first South Asian bank to be granted permission.
Fauji Cement Company Limited (FCCL) depreciated 1.25% after announcement of results for the third quarter of the financial year 2016. The company reported a quarter-on-quarter 5.82% contraction in sales to Rs 5.25 billion that translated into profit after taxation of Rs 1.56 billion. Earnings per share of Rs 1.13 was down 6.78% from last quarter. No dividend was recommended in the meeting.