Market watch: KSE-100 ends week and month on disastrous note

PHOTO: FILE

KARACHI: The batch marketplace suffered a serve decrease on Friday as investors resorted to profit-booking forward of weekend and weakening tellurian wanton prices brought down shares of oil companies.

At close, a Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index available a tumble of 180.80 points, or 0.37%, to finish during 49,300.90.

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Elixir Securities researcher Ali Raza pronounced Pakistan equities sealed final operative day of a week and a month on a disastrous note with a benchmark index dropping serve on profit-taking. A day earlier, a marketplace had forsaken by 346 points.

“After a brief certain open, bonds traded flighty and entered a red section as investors expected requisitioned boost forward of a prolonged weekend amid no vital news upsurge or gain announcement,” pronounced Raza.

“Oil bonds were a vital laggards as vexed wanton prices kept all names underneath pressure. Pakistan Petroleum (-3.6%), Oil and Gas Development Company (-2.5%) and Pakistan State Oil (-2.1%) jointly dented a KSE-100 index by over 100 points.”

Raza pronounced index-heavy Habib Bank (+1.6%), on a other hand, emerged as star performer followed closely by retail-favourite Pak Elektron (+3.1%). Both bonds sealed aloft on reported institutional interest.

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JS Global researcher Nabeel Haroon pronounced sensitivity prevailed in a marketplace during a initial half of trade event as index invariably changed between certain and disastrous zones.

“However, vigour was witnessed during a second half as a index mislaid around 181 points to tighten during 49,301 (down 0.4%),” pronounced Haroon.

“CSAP (Crescent Steel and Allied Products) mislaid value to tighten during a reduce circuit as a association announced formula for 9MFY17, in that it posted gain per share (EPS) of Rs11.28 (-8.35% year-on-year).”

The outcome was accompanied by Rs1.5 per share money payout, holding a full-year payout to Rs3 per share.

“Hascol Petroleum (+2.59%) in a oil selling zone garnered financier seductiveness as a association posted EPS of Rs3.12 for 1Q2017, adult 86% year-on-year,” he said.

Haroon pronounced a boost in gain could be attributed to a company’s continual expansion in white oil shred (motor spirit, high-speed diesel, etc.)

Nishat Chunian (-3.19%) in a weave zone unsuccessful to emanate excitement, yet a association posted EPS of Rs5.83 (83% aloft year-on-year).

“Since a subsidiary, Nishat Chunian Power, announced no division for a second uninterrupted entertain in a 9MFY17 results, it lifted concerns with honour to 4QFY17 division income of a weave company.”

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Overall, trade volumes fell to 289 million shares compared with Thursday’s total of 398 million.

Shares of 386 companies were traded. At a finish of a day, 148 bonds sealed aloft and 223 declined while 15 remained unchanged. The value of shares traded during a day was Rs16.1 billion.

Aisha Steel Mills was a volume personality with 29 million shares, losing Rs0.71 to tighten during Rs25.37. It was followed by Engro Polymer with 21.7 million shares, losing Rs0.16 to tighten during Rs28.84 and TRG Pakistan with 15.6 million shares, losing Rs0.96 to tighten during Rs56.81.

Foreign institutional investors were net sellers of Rs377 million during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.

Article source: https://tribune.com.pk/story/1396115/market-watch-kse-100-ends-week-month-negative-note/