Pakistan
Equities finally broke the longest positive streak 14 positive sessions. PSX
required long-due correction, which was healthy for the market. Stocks opened
sideways and market struggled to find a clear direction on thin volumes in
early trade.
Moreover,
selling pressure in the market, by mid-day a slow descent turned into a sharp
dip as reportedly leveraged players and panic sellers dumped holdings to pull
benchmark KSE 100-share Index finished with a decline of 0.62% or 293.53 points
to finish at 46,699.78 levels. Relatively Dull
activity witnessed in the market as turnover settled at 270 million shares as
compared to 388 million shares in the last trading session. Shares of 384
companies were traded; at the end of the day 124 stocks closed higher, 239
declined, while 21 remained unchanged. The value of shares traded during the
day was at recorded the level of PKR 10.21 billion decreased by 39%.
Volatility prevailed in capital market; major
activity witnessed in Commercial Banks, Transport and Engineering sector. In
Commercial Banks sector, Banks retreated the most with BOP HBL JSBL down by
3.00pc, 3.55pc, 4.17pc. In Transport Sector, According to notice issued by PSX,
Pak International Bulk Terminal has decided to increase paid up capital and issued
16.945% right shares. PIBTL drop their value by 5.00%, PIAA down by 1.32%
while, PICT up by 2.53%.Moreover in Engineering Sector, DSL CSAP down their
value by 0.19%, 2.15% while KSBP up by 1.16%.
Active list was topped by PIBTL with 35 million
shares as it closed at PKR 35.18 with a negative change of PKR 1.85. DSL was
the second highest on the volume chart with 16 million shares closed at PKR
10.76 with a negative change of PKR 0.02. It was followed by EPCL with 15 million
shares closed at PKR 17.52 with a positive change of PKR 0.34, BOP with 13
million shares closed at PKR 16.92 with a negative change of PKR 0.52.
Today major trading activities were recorded
in Commercial Banks Sector as it was traded above 46 million shares followed by
Transport sector which recorded the volume of 40 million shares whereas
Engineering sparked at 3rd place by trading above 24 million shares.
Highest increase was recorded in the shares
of Pak Tobacco, which rose by PKR 50.05 to PKR 1115.05 per share; followed
by Siemens Pak, that improved by PKR 41.41 to PKR 1540.33 per share. Major
decline was witnessed in the shares of Wyeth Pak Ltd, which fell by PKR 76.73
to PKR 4654.44 per share; followed by Bata (Pak), dropped by PKR 75.00 to PKR
4555.00 per share.
Factors
for Today:
·
Oil prices rise on weaker dollar,
optimism on output cuts
·
Maple Leaf wins power generation
license
·
Collaboration: Chinese delegation
expresses interest in textile
·
POL prices likely to increase next
month
·
July-November current account deficit
up 91%
Factors
to watch:
·
International
Oil prices.
·
PKR
vs US$ movement.
·
Panama
Leak Case
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