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Oil scrips keep volatile PSX bullish

Xinhua, May 17, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) reversed intraday losses on Tuesday after international oil prices clocked six-month high as investors turned their focus towards local oil giants amid a volatile trading session.

The Pakistan Stock Exchange's benchmark KSE 100-Index moved up slightly by 0.03 percent or 11.75 points to 36,137.12 points on Tuesday when compared with 36,125.37 points reported on Monday.

The KSE All Share Index gained 0.09 percent or 21.74 points to 24,637.96 points, the KSE 30-Index dipped 0.06 percent or 13.62 points to 21,065.09 points, the KMI 30-Index lost 0.32 percent or 199.19 points to 62,720.16 points, whereas the Islamic All Share Index fell marginally by 0.02 percent or 3.72 points to 16,776.04 points.

During Tuesday's trading session, the main index moved in a narrow band of only 288.61 points as it touched an intraday high of 36,390.25 points as against an intraday low of 36,101.64 points.

Honda Atlas Cars (HCAR) announced earnings per share of 7.9 rupees along with a cash dividend of 7 rupees per share. Although, the result was slightly above market expectations, the stock ended 1.1 percent down.

Continued interest was observed in Pakistan International Bulk Terminal Limited (PIBTL) which was not only the star performer in the top volume fetchers table but the scrip also closed at its upper limit.

Market volumes improved 24.13 percent or 53.319 million shares to 274.274 million shares on Tuesday when compared with 220.954 million shares posted on Monday.

Market capitalization swelled 0.08 percent or 6.196 billion rupees (60.747 million U.S. dollars) to 7.405 trillion rupees (72.601 billion dollars) whereas trade value surged by 51.61 percent or 3.884 billion rupees (38.087 million dollars) to 11.412 billion rupees (111.891 million dollars).

Among 366 active scrips on Tuesday, prices of 206 issues depleted, 138 managed to stay bullish, whereas values of 22 other companies stayed unchanged.

Pakistan International Bulk Terminal Limited, TRG Pakistan Limited, and Dewan Motors were the top traded companies with turnovers of 59.382 million shares, 21.811 million shares, and 10.414 million shares, respectively.

Ferozsons Laboratories was the top price gainer with increment of 44.39 rupees (43.51 cents) to 931.27 rupees (9.13 dollars) while on the other hand Unilever Foods led the major price shedders with decrement of 100 rupees (98.03 cents) to 5,125 rupees (50.24 dollars). Enditem