Stocks shed 183 points on profit-taking

KARACHI: Pakistan Stock Exchange (PSX) endured a volatile session on Monday, with the indices failing to sustain early gains as investors adopted a cautious approach after long weekend.

Global equity markets, on the other hand, displayed positive sentiments, where crude oil prices moved north from the previous close; WTI crude price appreciating 1.23pc to $57.55 while Brent crude price rising 0.94pc to $60.12 (as at 3:57pm PST).

“Profit booking was observed across the board today, particularly in banking, exploration & production, cement and fertilizer sectors, which kept any increase in the index in check,” a report issued by Arif Habib Ltd read. “On the other hand, power, refinery and oil & gas marketing sectors contributed positively to the index following conclusion of IPPs agreement with the government on power tariff as well resolution of circular debt.”

MARKET SUMMARY

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The benchmark KSE-100 Index moved in a narrow range on Monday, touching its intraday high at 47,074.16 (+168.37 points) and low at 46,659.24 (-246.55 points). It settled lower by 183.92 points at 46,721.87.

Among other indices, the KMI-30 Index dropped 342.20 points to end at 75,984.71, while the KSE All Share Index lost 139.15 points, closing at 32,246.94.

The overall market volumes contracted from 440.24 million shares in the previous session to 428.15 million shares (-3pc). Average traded value also declined by 16pc, from $165.5 million to $139.0 million. Worldcall Telecom Ltd (WTL +7.89pc), Telecard Ltd (TELE +25.71pc) and TRG Pakistan Ltd (TRG +7.50pc) led the volume chart, exchanging 52.91 million, 35.63 million and 33.18 million shares, respectively.

Sectors that dragged the benchmark index lower included fertilizer (-103.69 points), cement (-53.80 points) and banking (-47.31 points). Among the companies, Engro Corporation Ltd (ENGRO 46.35 points), Fauji Fertilizer Company Ltd (FFC -23.59 points) and Habib Bank Ltd (HBL -21.13 points) dented the index the most.

Shedding 2.10pc from its cumulative market capitalization, the fertilizer sector turned out to be the session’s worst performer, with Fauji Fertilizer Company Ltd (FFC -1.36pc), Engro Fertilizer Ltd (EFERT -2.12pc) and Fatima Fertilizer Company Ltd (FATIMA -4.30pc) ending in the negative.

Meanwhile, Amreli Steels Limited (ASTL -2.76pc) announced its financial results for the second quarter of FY21. The company’s sales appreciated by 26pc YoY, pushing the gross profit up from Rs594.66 million in 2QFY20 to Rs1.03 billion in 2QFY20. ASTL’s earnings per share improved from Rs0.78 last year to Rs1.05.

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