RECORDER REPORT

KARACHI: Pakistan Stock Exchange (PSX) Monday remained dull due to selling pressure.

BRIndex100 gained 1.74 points or 0.03 percent to close at 5,073.25 points up from 5,071.51 points on Friday. BRIndex100 touched intraday high of 5,097.75 and intraday low of 5,066.62. The trading volume stood at 173.499 million shares. Fauji Cement was the most traded company in BRIndex100 with a volume of 18.498 million shares.

BRIndex30 opened at 25,913.25 points. It touched intraday high of 26,149.15 points and intraday low of 25,896.78 points to settle at 25,978.57 points which was 65.32 points or 0.25 percent higher than previous close. Volume stood at 110.807 million shares.

The benchmark KSE-100 index lost its bullish momentum and closed with a marginal decline of 57 points. The KSE-100 index closed at 46,580 points Monday compared to 46,637 points Friday. Trading volumes also declined to 202.789 million shares, down by 18 percent. The market capitalization decreased by Rs 24 billion to Rs 9,507 trillion.

Analysts said though the President has approved the Amnesty Scheme, investors remained skeptical due to not so successful fate of similar such schemes in the past. Selling pressure was again seen on Monday, carrying from Friday which was mainly due to profit booking from insurance and banks/DFIs.

The market opened on a positive note but selling pressure kept the market moving in narrow ranges. FCCL drew significant interest from investors and the share price spiked to its upper circuit. Similarly, buying interest was seen in UBL and some mid-cap banks, however, the sentiment weakened as the day progressed and prices retrieved in cements, banks, and E&P sector.

Ahsan Mehanti of Arif Habib Corp commenting on the market said that stocks closed lower amid pressure in global equities and global crude prices. Reports on likely fall in finance ministry’s proposed PSDP allocations to Rs 750 billion in the federal budget invited late session selling. 

Dismal economic data on $24.464 billion projected external financing needs in FY’18, falling banking spreads, surging current account deficit and pre-budget uncertainty played a catalytic role in bearish close at PSX, he added.

Fauji Cement was the volume leader with 18.498 million shares. It gained Re 0.65 to close at Rs 31.87 followed by Engro Polymer that increased by Re 0.98 to Rs 38.68 with 15.537 million shares. TRG Pak was the third highest trading share with 13.441 million scrips, closing at Rs 36.97, up Re 0.14.

Rafhan Maize and Island Textile were the top gainers with Rs 50.00 and Rs 39.00 to close at Rs 8,400.00 and Rs 838.00, respectively. Bata (Pak) and Colgate Palmolive were the top losers with Rs 156.45 and Rs 155.00 to Rs 2,972.55 and Rs 3,100.00, respectively.

BR Commercial Banks Index closed at 9,515.50 with a net negative change of -78.8 points or a percentage change of -0.82 and a total turnover of 8,106,700. BR Cement Index Closed at 6,406.15 with a net negative change of -1.2 points or a percentage change of -0.02 and a total turnover of 35,457,400.

BR Oil and Gas Index closed at 5,535.83 with a net negative change of -15.59 points or a percentage change of -0.28 and a total turnover of 5,407,700. BR Tech. & Comm. Index closed at 1,236.05 with a net positive change of 5.52 points or a percentage change of 0.45 and a total turnover of 16,478,000.

BR Power Generation and Distribution Index closed at 6,818.16 with a net negative change of -35.86 points or a percentage change of -0.52 and a total turnover of 6,059,000.

According to analysts at Topline Pakistan equities remained dull in the start of a new week, where volumes fell by 18 percent vs last day as investors are eyeing Senate session where new tax amnesty scheme is likely to be discussed.

The benchmark index lost its bullish momentum of last 8 successive sessions and closed with a marginal decline of 57 points, as the index closed at 46,581 points.

Fertilizer sector stepped ahead in Monday session and contributed 84 points to the index, as the market is expecting better financial results of urea manufacturers for 1Q2018 owing to expected growth of around 46 percent YoY in urea offtakes coupled with possible reduction/elimination of GIDC on feed gas, as reported by newspapers.

Crescent Steel (CSAP) gained 3 percent as the company notified exchange about award of a new contract amounting to Rs1.7 billion by Sui Northern Gas Pipelines (SNGP). Top five stocks FFC (+3.8%), EFERT (+2.0%), PPL (+0.6%), FCCL (+2.1%) & PIBTL (+3.1%) added 103 points to the index gain whereas stocks including POL (-1.3%), HBL (-0.6%), COLG (-4.8%), BAHL (-1.3%) & PSO (-1.4%), withheld 84 points from the index.