Market watch: KSE-100 posts slight recovery after over 800-point fall

Benchmark-100 share index ends with fall of 451.94 points, closes at 47,125.12

KARACHI: Stocks took a battering on Monday as the KSE 100-share Index - a benchmark for market performance - plunged over 800 points in intra-day trading before recovering prior to the market's close.

At the end of trading, the Pakistan Stock Exchange's (PSX) benchmark index recorded a fall of 451.94 points or 0.95% to end at 47,125.12.

According to a report of Topline Securities, stock prices slid with low volumes with Habib Bank, Engro and Fauji Fertilizer Company contributing 186 points to the fall in the index.



"Fauji Cement Company announced 3QFY17 earnings per share (EPS) of Rs0.48. The result was in line with expectations, however, its stock dropped 3.5%," said analyst Hammad Aman.

"Pakistan Oilfields announced 3QFY17 EPS of Rs11.88 and the stock gained 1%. Meanwhile, Attock Refinery announced 3QFY17 EPS of Rs6.15. The result was below expectations, which led the stock price to close at its lower limit of 5%."

Meanwhile, according to Elixir Securities analyst Ali Raza, the market opened on a dreary note and struggled for direction until mid-day.



"Stocks then followed aggressive selling in the wider market reportedly by local institutions with looming concerns over impending Panama verdict likely triggering redemptions," he said.

"On the other hand, activity from foreign investors remained light and limited to select names as most observed holiday around the world.

"Meanwhile, earnings announcements by notable names failed to generate any serious excitement as most results come inline or slightly lower than expectations during the day," he added.



Overall, trading volumes rose to 154 million shares compared with Friday's tally of 125 million.

Shares of 373 companies were traded. At the end of the day, 71 stocks closed higher, 289 declined while 13 remained unchanged. The value of shares traded during the day was Rs8.2 billion.

TRG Pakistan Limited was the volume leader with 16.3 million shares, gaining Rs0.41 to close at Rs50.47. It was followed by Aisha Steel Mills with 6.9 million shares, losing Rs0.55 to close at Rs23.6 and Engro Polymer with 6.9 million shares, gaining Rs0.41 to close at Rs25.36.

Foreign institutional investors were net sellers of Rs301 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.