Thai shares, Malaysia lag as weak oil prices hurt
KARACHI: After negative opening, the market witnessed volatile trading throughout the two sessions on account of global crude oil prices at 4 year low. However lower coal prices propel cement stocks in limelight's as few stocks hits upper circuit.
The benchmark KSE-100 index was down by 72.12 point to close at 31,197.98 points. KSE All Share Index decreased by 174.81 to end at 22,706.46, KSE 30-Index lower by 114.94 points to conclude at 20,332.81, whereas KMI 30-Index decline by 235.67 points to finish the day at 49,786.79 level.
Samar Iqbal, equity dealer at Topline Securities said index kept declining amid falling oil stocks due to declining com- modity prices. Investors' interest in IPPs, Fertilizer and cements stocks supported benchmark index decline.
The advance to decline ratio in the broader market remained in favour of bulls. Out of 377 scrips, 219 scrips advanced, 143 declined while the value of 15 scrips remained intact.
The ready market volume increased by 21.6 per cent to 240.44 million shares as compared to 197.71 million shares traded on last trading day.
Jahangir Siddique Company topped the list of actives, lower by 1 at Rs 14.72 on 19.96 million shares, followed by Pak Elektron increased by Rs 1.16 at Rs 30.95 on 13.86 million shares and Maple Leaf Cement up by Rs 1.74 at Rs 36.65 on 13.54 million shares. Other actives were K-Electric Limited up by Rs 0.42 at Rs 7.62 on 11.99 million shares and Pakistan Telecommunication Limited up See # 10 Page 7 BANGKOK: The Thai stock index fell on Friday as energy shares declined after a sharp fall in global crude prices while Malaysian shares extended losses amid a fall in the ringgit and concerns over lower oil.
Bangkok's SET index finished down 0.4 percent, reversing from a two-month closing high hit in the previous session. It posted a modest gain of 0.6 percent on the month, among the region's underperformers.
Shares of PTT Exploration and Production dropped 5.2 percent, their biggest single-day loss since January, as declining oil prices dented its earnings outlook.
Kuala Lumpur's composite index fell for a second day, down 0.5 percent to its lowest close since Nov. 21, with shares of Tenaga Nasional, down 0.3 percent, among those actively traded. The index slipped 1.9 percent on the month.
The ringgit fell to a near five-year low on Friday as offshore funds dumped the currency on fears lower oil prices may hurt Malaysia, a net oil exporter and major palm oil producer.
Singapore outperformed the region, with the key Straits Times Index up 0.3 percent, ending the month 2.3 percent higher. Shares of Singapore Airlines jumped 2.6 percent thanks to expectations of a fall in fuel costs. -Agencies