LAHORE: Pakistan Stock Exchange (PSX) benchmark index KSE 100 could not sustain its intraday rally (+543 points) led by Fertilizers and E&Ps stocks, as profit-taking in selected stocks mainly in Banks dragged index within the red zone. Resultantly, the market lost 158 points during the day, closing at 44,379 index points.
Fertilizer sector contributed 47 points to the index, as manufacturers raised urea prices by Rs80-100/bag due to the removal of cash subsidy. Additionally, Engro Corporation gained 2 per cent on Monday, as the company announced a new investment of $21.4 million in Siddiqsons energy limited.
E&Ps sector remained the top contributor to the index with 109 points mainly due to rise in international crude oil prices, up by ~$2/barrel whereas Commercial Banks contributed 133 points to index decline.
Top 5 scrips including HBL (-2.1 per cent), LUCK (-2.6 per cent), UBL (-2.3 per cent), PAKT (-3.2 per cent) and HUBC (-1.1 per cent) took away 176 points from the index whereas stocks including PPL (+3.3 per cent), POL (+2 per cent), ENGRO (+1.5 per cent), FFC (+1.4 per cent) & EFERT (+1.4 per cent) added 156 points.
Meanwhile, the dollar fell against the local currency by almost Rs1.5 on Saturday and was trading in the range of Rs116.70-Rs117.30.
Moreover, Sazgar Engineering (SAZEW) announced production and sales number for the month of April 2018 which stood at 1,564 and 1,585 units, respectively.
