KARACHI: Pakistan Stock Exchange (PSX) moved in a narrow range on Monday, with the benchmark index failing to sustain gains amid weak investor sentiment.
Global equity markets, on the other hand, displayed a positive trend, whereas crude oil prices also moved north from the previous close; WTI crude price rising 2.22pc to $41.02 while Brent crude price increasing 1.96pc to $43.62.
“Investors continued with last week’s momentum and took a somber view on the market on Monday, with banks, exploration & production and cement stocks showing lacklustre performance despite international crude oil posting overnight gains,” a report issued by Arif Habib Ltd read. “The market also seemed perturbed by the developing law and order situation in and around the capital, as well as political wrangling between the government and opposition parties.”
MARKET SUMMARY
The benchmark KSE-100 started the day on a positive note, registering its intraday high at 40,790.39 after gaining 221.04 points. It, however, failed to maintain its flight, slipping to its day’s low at 40,470.12 (-99.23 points). The index finally closed lower by 64.60 points at 40,504.75.
Among other indices, the KMI-30 Index lost 219.29 points to end at 64,527.63, while the KSE All Share Index dropped 44.09 points, settling at 28,412.69.
The overall market volumes declined from 243 million shares in the previous session to 181.4 million shares (-25pc). Average traded value also dropped by 22pc, from $49.9 million to $39 million. K-Electric Ltd (KEL +5.04pc), Maple Leaf Cement Factory Ltd (MLCF +0.10pc) and Sui Northern Gas Pipeline Ltd (SNGP +0.11pc) led the volume chart, exchanging 24.91 million, 14.49 million and 14.17 million shares, respectively.
Sectors that dragged the benchmark index lower included oil & gas exploration (-45.96 points), textile composite (-28.79 points) and cement (-18.68 points). Among the companies, Pak Petroleum Ltd (PPL -21.78 points), Oil and Gas Development Company Ltd (OGDC -19.33 points) and Lucky Cement Ltd (LUCK -18.79 points) dented the index the most.
Shedding 2.07pc from its cumulative market capitalisation, the refinery sector ended as the session’s top loser, with Byco Petroleum Pakistan Ltd (BYCO -1.81pc), Attock Refinery Ltd (ATRL -2.92pc), Pakistan Refinery Ltd (PRL -1.90pc) and National Refinery Ltd (NRL -1.86pc) closing in the negative.
Meanwhile, in a notification to the exchange, Shell Pakistan Ltd (SHEL +4.12pc) announced that its board of directors has okayed an increase in the authorized share capital from Rs1.50 billion to Rs3 billion, subject to approval from shareholders.
