Stocks fall slightly, KSE 100 index sheds further 41.14 points
KARACHI: Stocks opened in the negative on Monday and the the Pakistan Stock Exchange (PSX) benchmark KSE 100-share Index ended 41.14 points, or 0.10%, lower to finish at 39,457.95 points. The All Share index shed 47.72 points to settle down at 26445.34 points.
Foreign investors bought stocks worth $1.85 million on the first day of the trading, which saw a dull note with wider market struggling to find a direction. Volumes declined 14.6pc to 186m shares from 219m shares and trading value fell 39pc to Rs7.2bn, from Rs11.7bn in the last trading session.
However, index heavy oil stocks pulled benchmark KSE 100 into negative as investors tracked fresh losses in global crude. Financials followed suit with Habib Bank and United Bank denting KSE100 index on reported foreign selling albeit thin volumes.
However, late interest led by institutional flows ensured a close in green. Cements traded red most of the trading day on anxiety over outlook, however support kicked in at lows as excitement over earnings overshadowed concerns, said analysts at Elixir Securities.
According to HMFS Research, In an otherwise dull session some cherry picking was seen in blue chip banks and cement names while fertilizers and oils gave in to selling pressure.
The result canvas saw HMB report a sizeable decline in earnings amid the absence of capital gains from government securities, with the stock closing on its lower limit. OGDC, HMB and DAWH were the major contributors to the benchmark’s decline.
Trading volume also declined to 186 million shares as compared to 218.6 million shares during previous trading session, on Friday. Trading value declined to Rs 7 billion against Rs 11 billion worth of shares traded previous day, investors lost Rs 14 billion due to selling.
The major gainers were Rafhan Maize and Uniliver Foods which recorded Rs 135.53 and Rs 75 respectively while share value of Neslte Pak and Colgate Palmo. depreciated by Rs 105 and Rs 40 respectively.
On Monday shares of 386 companies changed hands out of which value of 163 companies registered increase while 205 companies’ share price decline and 18 companies’ share prices remained unchanged.
Equity experts expect that the market will closely track both local politics and the flow of foreign funds to determine a clear direction in the days ahead. While earnings will keep interest alive in select shares.
Foreign institutional investors were net buyers of Rs194 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Source : Online