Eq­ui­ties suf­fer 452-point loss as bears con­tinue

The Pak Banker - - FRONT PAGE -

KARACHI: Pak­istan Stock Ex­change was ham­mered in the out­go­ing week by the con­tin­ued for­eign sell­ing, lack­lus­tre cor­po­rate re­sults and the nag­ging reg­u­la­tory is­sues, all which forced in­vestors to book profit. The bench­mark KSE-100 in­dex suf­fered a fall of 452.39 points (1.44 per cent) dur­ing the week, to close at 31,012. In con­trast, the FM (Fron­tier mar­kets) Pak­istan in­dex ended the week with a USD-based re­turn of neg­a­tive 1.2pc week-on-week, while the FM and EM (Emerg­ing mar­kets) were up 1.3pc and 4.2pc, re­spec­tively.

"On the in­ter­na­tional front, oil prices seem to have se­cured a per­ma­nent spot in the lime­light; Saudi Ara­bia, Qatar, Venezuela and Rus­sia met in a rare and un­ex­pected meet­ing to ar­rive at a con­sen­sus to freeze out­puts at cur­rent lev­els while a fol­low-up state­ment from Iran to pro­vide nec­es­sary help to sup­port prices, led to a rally in crude prices (up 10pc week-on­week)," said an­a­lysts at Arif Habib Ltd. Th­ese how­ever, failed to in­cite any in­ter­est in oil scrips.

For­eign port­fo­lio out­flow con­tin­ued and clocked in at $13.2 mil­lion as com­pared to $17.3m last week. Net buy­ing of $5.6m was seen in ce­ment sec­tor, while oil and gas ex­plo­ration, chem­i­cal and bank­ing stocks wit­nessed net sell­ing of $4m, $3.6m and $1.6m, re­spec­tively. Strong fi­nan­cial re­sults from some of the ma­jor com­pa­nies such as DGKC, EN­GRO, PSO and HUBC failed to en­thuse in­vestors. Bev­er­ages and non-life in­sur­ance sec­tors re­mained ma­jor gain­ers in­creas­ing by 5.8pc and 0.7pc, re­spec­tively. Chem­i­cals, oil and gas, and food pro­duc­ers re­mained ma­jor losers over the week as they fell by 3.2pc, 1.3pc and 1.2pc, re­spec­tively. On a week-on-week ba­sis, gain­ing scrips in­cluded: NBP 7.37pc, PPL 1.18pc, AICL 0.81pc and POL 0.55pc. While lag­gards were: EFOODS 9.28pc, PSMC 8.16pc, ICI 6.66pc and AKBL 6.08pc, ac­cord­ing to AKD Se­cu­ri­ties. Ac­tiv­ity con­tin­ued to de­cline with av­er­age daily turnover rest­ing at 123.9m shares, down 12pc week-on-week, where TRG (40.6m shares), DFML (32.5m shares), SNGP (29.2m shares) were heav­ily traded.

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