Bears hold sway as benchmark index sheds 353 points

KARACHI: Bears took charge of the Pakistan Stock Exchange (PSX) on Friday, with the indices succumbing to selling pressure ahead of the rollover week.

Global equity markets, on the other hand, displayed a positive trend, whereas crude oil prices also moved north from the previous close; WTI oil price appreciating 0.67pc to $42.18 while Brent crude price rising 0.88pc to $44.61.

“After a reasonable start to proceedings, the benchmark index took a negative turn in the afternoon session, mainly due to selling pressure observed in banking and cement stocks ahead of the rollover week,” a report issued by Arif Habib Ltd read. “Developments such as the imposition of smart lockdown in corona-hit areas, and SBP’s announcement of monetary policy (due on Monday evening) also kept the market under pressure.”

MARKET SUMMARY

The benchmark KSE-100 remained in the red for the most part, recording its intraday low at 40,126.80 after dropping 413.90 points. It settled lower by 353.52 points at 40,187.18.

Among other indices, the KMI-30 Index plunged 507.75 points to end at 64,009.77, while the KSE All Share Index lost 157.66 points, closing at 28,273.86.

The overall market volumes inched up from 188.55 million shares in the previous session to 189.79 million shares. Average traded value, however, declined from $50 million to $47.1 million. Unity Foods Ltd (UNITY +1.67pc), TRG Pakistan Ltd (TRG -3.96pc) and Maple Leaf Cement Factory Ltd (MLCF -3.47pc) led the volume chart, exchanging 39.72 million, 14.17 million and 10.12 million shares, respectively.

Sectors that drove the benchmark index south included banking (-90.99 points), cement (-63.13 points) and investment banking (-52.47 points). Among the companies, Dawood Hercules Corporation Ltd (DAWH -51.37 points), United Bank Ltd (UBL -28.60 points) and Lucky Cement Ltd (LUCK -25.69 points) dented the index the most.

Shedding 1.61pc from its cumulative market capitalization, the oil & gas marketing sector turned out to be the session’s biggest loser, with Sui Northern Gas Pipeline Ltd (SNGP -3.73pc), Shell Pakistan Ltd (SHEL -2.03pc), Hascol Petroleum Ltd (HASCOL -1.53pc) and Pakistan State Oil Company Ltd (PSO -1.03pc) closing in the negative.

Meanwhile, in a notification to the exchange, BankIslami Pakistan Ltd (BIPL +1.93pc) informed that the bank has approved final bid of AKD Securities Ltd for the purchase of BIPL Securities Ltd (BIPLS +9.66pc) at a price of Rs8.60 per share.

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