SUNRISE CAPITAL (PVT) LTD | 15 November 2016 | LANDING

SC hearing on Panama gates takes wind out of stocks’ sails. The stock market endured another volatile session as the KSE-100 index succumbed to selling pressure from the start till the end and plunged into the red. It closed down  points or % at 42, .

Bearish activity witnessed in the market as turnover settled at 330 million shares as compared to 333 million shares in the last trading session. Shares of 374 companies were traded; at the end of the day 153 stocks closed higher, 205 declined, while 16 remained unchanged. The value of shares traded during the day was at level of PKR 7.54 billion increased by %.

Banks mainly contributed towards the decline in index as UBL & HBL down by 1% while BOP improved by 0.81%. Profit-taking was noted in the cement sector in early trading hours but towards the end major players ease their looses as LUCK up by 0.45% while DGKC, FCCL fell 0.05% and 0.44%. Among Power players KEL fell 0.11%, HUBC 1.36% down on sentiment while JPGL hit the upper limit. The oil and gas companies improved on the back of recovery in oil prices as OGDC, POL & PPL improved their values by 0.04%, 1.27% and 0.06% respectively.

Active list was topped by BOP with 29 million shares as it closed at PKR 19.86 with a positive change of PKR 0.05. PIAA was the second highest on the volume chart with 24 million shares closed at PKR 10.86 with a negative change of PKR 0.78. It was followed by JPGL with 18 million shares closed at PKR 6.69 with a positive change of PKR 1.00, JSCL with 16 million shares closed at PKR 23.58 with a positive change of PKR 0.87.

Today major trading activities were recorded in Commercial Banks Sector as it was traded above 71 million shares followed by Transport which recorded the volume of 41 million shares whereas Investment Bank sector sparked at 3rd place by trading above 33 million shares.

Highest increase was recorded in the shares of Philip Morris, which rose by PKR 77.61 to PKR 19,33.74 per share; followed by Exide Pak, that improved by PKR 45.10 to PKR 947.25 per share. Major decline was witnessed in the shares of Rafhan Maize, which fell by PKR 195.45 to PKR 7,700.00 per share; followed by Indus Motor Company Limited, dropped by PKR 33.30 to PKR 1,571.83 per share.