Benchmark KSE-100 index falls 12.14 points. PHOTO: AFP/FILE
KARACHI: Stocks continued to move in a subdued fashion as investors opted to consolidate gains and booking profits after minor positive movements.
The upcoming MSCI announcement, which could see the inclusion of Pakistan back in the emerging markets index, failed to jolt activity as the index ended the day almost flat.
At close on Thursday, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index recorded a fall of 0.03% or 12.14 points to end at 37,414.26.
Elixir Securities analyst Ali Raza said Pakistan equities closed flat for the third consecutive session. “Thursday was no different from the last few days with market opening higher on back of gains in select-sectors but failed to sustain gains as wider market witnesses dull activity and listless trading,” said Raza.
“Day started off with exploration and production gaining as investors tracked latest surge in global crude where falling US inventory levels and supply disruptions in Nigeria raised supply concerns.
“Pakistan Petroleum Limited (PPL ,+0.7%) closed in green and contributed most points to KSE-100 index, followed by National Refinery (NRL , +5%) that closed at upper price limit on reported local interest.
“Whereas, Fauji Fertilizers (FFC, -1.3%), Dawood Hercules (DAWH,-0.9%) and Habib Bank (HBL, -0.3%) contributed most to day’s declines.”
JS Global’s analyst Arhum Ghous said the index opened on a positive note but came under selling pressure during the late hours of trade.
“E&P sector continued to garner investor interest as crude oil continued to trade above $51/bbl psychological mark.
“Kohinoor Textile Mills Ltd (-1.13%) in the textile sector lost value to close in the red zone on the back of material information disseminated in the market that Hutton Properties Limited - a substantial shareholder of Kohinoor Textile Mills - has sold 1,985,500 ordinary shares of the company.
Trade volumes fell to 139 million shares compared with Wednesday’s tally of 143 million.
Shares of 346 companies were traded. At the end of the day, 92 stocks closed higher, 230 declined while 24 remained unchanged. The value of shares traded during the day was Rs6.8 billion.
K-Electric Limited was the volume leader with 24.1 million shares, losing Rs0.06 to finish at Rs8.00. It was followed by Pakistan International Bulk Terminal Limited with 16.9 million shares, gaining Rs0.29 to close at Rs33.01 and Engro Fertilizer with 14.9 million shares, gaining Rs0.04 to close at Rs67.65.
Foreign institutional investors were net sellers of Rs488 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, June 10th, 2016.
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