KSE-100 fails to sustain early gains, ends 137 points lower

KARACHI: The Pakistan Stock Exchange (PSX) endured a volatile session on Monday, with the benchmark index failing to sustain gains accumulated in early trade to close in the red.

Global equity markets displayed mixed sentiments, whereas crude oil prices inched up from the previous close; WTI crude price appreciating 1.00pc to $52.72 while Brent crude oil price rising 1.29pc to $55.73 (as at 4:28pm PST).

“The stock market opened on a positive note, gaining almost 400 points intraday mainly on the back of buying activity witnessed in refinery, fertilizer and chemical sectors. However, the rally was halted in the latter half of the day, as investors resorted to profit booking, particularly in banks, exploration & production, oil & gas marketing and cement sectors,” a report issued by Arif Habib Ltd read.

MARKET SUMMARY

The benchmark KSE-100 Index swayed both ways on Monday, registering its intraday high at 46,762.64 (+377.10 points) and low at 46,188.25 (-197.29 points). It finally settled lower by 137.09 points at 46,248.45.

Among other indices, the KMI-30 Index added 15.64 points to end at 74,238.40, whereas the KSE All Share Index dropped 60.46 points, closing at 32,001.08.

The overall market volumes declined from 840.2 million shares in the previous session to 693.6 million shares (-18pc). Average traded value also dropped 6pc, from $203.4 million to $190.6 million. Refinery Ltd (PRL +0.59pc), K-Electric Ltd (KEL +2.96pc) and Pakistan International Bulk Terminal Ltd (PIBTL +3.22pc) led the volume chart, exchanging 81.62 million, 65.11 million and 62.07 million shares, respectively.

Sectors that dragged the benchmark index lower included cement (-84.90 points), banking (-74.07 points) and technology & communication (-50.98 points). Among the companies, TRG Pakistan Ltd (TRG -58.01 points), Lucky Cement Ltd (LUCK -46.25 points) and United Bank Ltd (UBL -19.16 points) dented the index the most.

Shedding 1.65pc from its cumulative market capitalization, the cement sector ended as the session’s worst performer, with Maple Leaf Cement Factory Ltd (MLCF -1.72pc), DG Khan Cement Company Ltd (DGKC -1.73pc) and Lucky Cement Ltd (LUCK -2.15pc) closing in the negative.

Meanwhile, in a notification to the exchange, Lucky Cement Limited (LUCK -2.15pc) announced that it would enhance its cement production capacity at the ‘Pezu Plant’ by 3.15MT per annum to meet the increasing demand. The construction will begin in the current financial year with an expected construction period of 1.5 to 2 years.

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