Market watch: KSE-100 index closes at three-month low

Benchmark index drops 220.71 points to finish at 47,356.6

KARACHI: The KSE 100-share Index closed on Thursday at its lowest level in three months as it continued to fall for the third consecutive day.

At close, the Pakistan Stock Exchange's (PSX) benchmark index recorded a decline of 220.71 points or 0.46% at 47,356.6.

According to Elixir Securities, the market once again witnessed dreary activity where most volumes went through in small and mid-cap names.



"Highlight of the day was Sui Southern Gas Company (SSGC PA +5%) that hit the upper price limit in early trading as investors cheered the company's announcement of laying a 370KM long gas pipeline for LNG transportation," said analyst Ali Raza.

"Meanwhile, National Bank of Pakistan (NBP PA -5%) closed at lower price limit for the second straight day with concerns over probable pension obligations primarily denting sentiments," he added.

Additionally, JS Global analyst Nabeel Haroon said that despite pressure in the market, the Exploration and Production sector managed to close positive as crude oil prices surged.



"(OGDC +0.30%) and (PPL +0.44%) in the sector gained to close slightly in the green zone," he said.

"SSGC gained to close on its upper circuit as the gas utility, through material information notice, disseminated in the market that its board of directors have conceptually approved a capital intensive project of worth Rs65 billion.

"AICL extended its previous day loss on the back of its 2016 result announcement, as it lost value to close on its lower circuit for the second consecutive day," he added.



Overall, trading volumes dropped to 146.3 million shares compared with Wednesday's tally of 185.5 million.

Shares of 370 companies were traded. At the end of the day, 120 stocks closed higher, 224 declined while 26 remained unchanged. The value of shares traded during the day was Rs8.2 billion.

TRG Pakistan was the volume leader with 10.98 million shares, losing Rs1.12 to close at Rs47.5. It was followed by Azgard Nine with 9.75 million shares, losing Rs0.4 to close at Rs12.4 and The Bank of Punjab with 6.58 million shares, gaining Rs0.07 to close at Rs13.66.

Foreign institutional investors were net sellers of Rs68 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.