Stocks fall flat amid lacklustre trade

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KARACHI: The Pakistan Stock Exchange (PSX) moved in a narrow range on Wednesday, with the benchmark KSE-100 Index retreating all gains accumulated in early trade and closing the session flat.

“The banking sector continued with the ascend today, although profit booking was also witnessed. On the other hand, the fertilizer sector fell back on the government’s decision of ‘no subsidy’ on fertilizer products,” said Arif Habib Ltd’s daily market report. “Pharma, cement and steel sectors also remained in the red throughout the session, whereas exploration & production sector benefited slightly from an increase in international crude oil prices.”

Gaining 249.68 points, the KSE-100 index recorded its intraday high at 34,657.73 during early trade. However, failing to hold its ground, the index closed flat (-6.63 points) at 34,401.42.

Among other indices, the KMI-30 Index lost 69.52 points to end at 55,236.09, whereas the KSE All Share Index added 8.83 points, settling at 24,677.11. Of the total traded shares, 128 advanced and 173 declined.

The overall volumes declined from 221.04 million in the previous session to 129.95 million (-42pc). Average traded value also fell by 21pc, from $52.2 million to $41.5 million. TRG Pakistan Limited (TRG +0.43pc), Pak Elektron Limited (PAEL +0.79pc) and Pak Petroleum Limited (PPL +0.60pc) led the volume chart, exchanging 7.76 million, 7.39 million and 6.96 million shares, respectively.

Sectors that dragged the index in the red included fertilizer (-30.81 points), cement (-17.73 points) and pharmaceutical (-16.57 points). Among the companies, Engro Corporation Limited (ENGRO -20.38 points), Habib Bank Limited (HBL -18.21 points) and Dawood Hercules Corporation Limited (DAWH -12.76 points) dented the index the most.

The automobile assembling sector lost -1.42pc from its cumulative market capitalization, with Atlas Honda Limited (ATLH -3.91pc), Al-Ghazi Tractors Limited (AGTL -2.39pc), Millat Tractors Limited (MTL -1.35pc) experiencing a rough day at the bourse.

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