Market daily: A slow day at PSX, sheds 158.33 points

0
126

LAHORE: Trading at the Pakistan Stock Exchange (PSX) remained dull before the commencement of the Holy month of Ramzan. Another factor keeping activity in check was the power shutdown in many parts across the country. According to the State Bank of Pakistan, banks shall remain closed for public dealing on the first day of Ramzan and might also affect participation in the market.

The KSE 100 index traded on both sides. The index fell to intraday low of 42,198.84 with a loss of 260.69 points falling from Wednesday’s high of 42,579.81 points before settling with a loss of 158.33. The KMI 30 index also traded both in the red and the green, up 333.55 points and down 462.77 points. It ended with a loss of 343.68 points at 72,170.97. The KSE All Share Index lost a minor 59.06 points only. The advancers to decliners ratio stood at 131 to 174.

The market volumes were the highlight of the day. Market participation declined by a whopping 57 per cent day on day basis and was recorded at 77.44 million only. A total of 39.62 million shares were traded cumulatively in all KSE 100 index scripts. The KMI 30 index witnessed volume of 17.46 million. The leader chart was dominated by Faysal Bank Limited (FABL -0.77 per cent) with volume of 5.11 million.

The food and personal care sector was the top loser of the day. The sector lost 3.23 per cent from its cumulative market capitalisation. The commercial bank sector was lighter by 0.50 per cent and the oil and gas exploration sector inched lower by 0.35 per cent.

Taking its inspiration from the previous session the initial rally fizzled out soon and after trading briefly within a tight band technical supports eventually gave way to selling pressure and the 100 Index closed down 158.33 points (-0.37 per cent) at 42,301.20.

Major drag to the KSE 100 index decline came from consumer staples (-2.55 per cent), materials (-0.66 per cent) and financials (-0.53 per cent) amid heavy losses in NESTLE (-5 per cent), LUCK (-1.52 per cent), ENGRO (-0.69 per cent), ISL (-2.44 per cent), UBL (-1.48 per cent), BAHL (-1.21 per cent), HMB (-1.65 per cent) and AICL (-2.25 per cent).

Additional pressure came from select names in utilities (-0.38 per cent) and energy (-0.25 per cent) thanks to HUBC (-0.54 per cent), SNGP (-1.05 per cent), OGDC (-0.90 per cent) and PSO (-0.67 per cent). Cumulative losses since April 6, 2018 (from intraday high of 47,144.12) are at -10.27 per cent (-4,842.92 points); just below correction territory.

Through a filling at the local bourse, MEBL has informed its shareholders that Noor Financial Plans to sale 9.59 per cent stake in MEBL. As per details, Noor Financial is negotiating with foreign institutional investors for divestment of 101.9 million shares in MEBL. Through another bourse filling, PSX Board has informed its shareholders that the board of directors of PSX has appointed Hussain Lawai as the Chairman of the board.