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Roundup: Pakistani stocks stay bearish, give up 32k-level

Xinhua, February 11, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) stayed bearish for third straight day on Thursday as investors remained busy on selling counters due to falling global equity markets and continuous heavy foreign outflows which forced the top Pakistani bourse to end below the psychological level of 32,000 points.

The Pakistan Stock Exchange's (PSX) benchmark KSE 100-Index plunged by 1.01 percent or 324.05 points to 31,820.54 points on Thursday when compared with 32,144.59 points recorded on Wednesday. During the three-day bearish trail, the main index has shed 885.68 points.

The KSE All Share Index declined by 1.02 percent or 227.22 points to 22,132.32 points, the KSE 30-Index nosedived by 0.99 percent or 186.12 points to 18,588.06 points, the KMI 30-Index slumped by 0.99 percent or 538.39 points to 54,081.61 points, whereas the Islamic All Share Index plummeted by 1.14 percent or 172.76 points to 15,018.61 points.

During Thursday's trading session, the main index moved in a moderate band of 422.10 points as it touched an intraday high of 32,204.65 points as against an intraday low of 31,782.55 points.

Falling international oil prices forced investors to book profits in exploration companies as Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company (OGDC) fell 2 percent and 2.4 percent, respectively.

Similarly, Ferozsons Laboratories closed at its lower limit of 5 percent after announcement of price reduction of one of its key products.

Despite of auto sector depicting growth, listed auto assemblers remained under pressure as investors feared lower margins due to strengthening of Japanese yen. Pak-Suzuki Motor Company (PSMC) decreased by 4 percent, Honda Atlas Car (HCAR) fell by 3.6 percent, while Indus Motors (INDU) lost 0.8 percent.

Market volumes depleted by 33.06 percent or 55.810 million shares to 112.990 million shares on Thursday when compared with 168.801 million shares posted on Wednesday.

Market capitalization slipped by 1.01 percent or 68.627 billion rupees (672.815 million U.S. dollars) to 6.725 trillion rupees (65.936 billion dollars) whereas trade value dropped 24.95 percent or 2.326 billion rupees (22.810 million dollars) to 6.998 billion rupees (68.608 million dollars).

Among 345 active scrips on Thursday, prices of 242 issues slid, 82 advanced, whereas values of 21 other companies stayed unchanged.

Byco Petroleum, TRG Pakistan Limited and TPL Trakker Limited were the top traded companies with turnovers of 10.813 million shares, 5.803 million shares and 5.068 million shares, respectively.

Exide Pakistan was the top price gainer with increment of 18 rupees (17.65 cents) to 794 rupees (7.78 dollars) while on the other hand Rafhan Maize led the major price shedders with decrement of 400 rupees (3.92 dollars) to 7,700 rupees (75.49 dollars). Endit