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Roundup: Pakistani stocks extend losses amid persistent profit-selling

Xinhua, August 19, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) extended losses during the second straight bearish session on Friday as investors continued booking profits at the historic levels, which almost erased the gains made in the record-smashing eight-day rally earlier in the week.

The Pakistan Stock Exchange's benchmark KSE 100-Index plunged by 0.68 percent or 272.11 points to 39,499.09 points on Friday, compared with 39,771.20 points reported on Thursday.

During the week that ended on Aug. 19, the main index shed 408.55 points despite three of the five trading sessions facing bullish trends.

The KSE All-Share Index slid by 0.36 percent or 94.89 points to 26,493.06 points. The KSE 30-Index slumped by 0.8 percent or 181.87 points to 22,566.23 points. The KMI 30-Index plummeted by 1.05 percent or 734.98 points to 69,056.95 points, whereas the Islamic All-Share Index deflated by 0.56 percent or 103.97 points to 18,540.85 points.

During Friday's trading session, the main index moved in a remote range of 375.70 points as it touched an intraday high of 39,840.83 points as against an intraday low of 39,465.13 points.

The top Pakistani bourse remained under the influence of rumors regarding the abolition of duty from the imported cement which hurt the cement sector scrips. Moreover, Habib Bank Limited (HBL) and Engro Corporation (ENGRO) joined the bearish bandwagon to contribute together 108 points to the overall decline of the key index.

Amid bearish trade, local oil sector companies came to the rescue in the wake of rising international oil price. Pakistan Petroleum Limited (PPL) and Pakistan Oilfields Limited (POL) surged by 0.4 percent and 1.6 percent, respectively.

Market volumes decreased by 8.54 percent or 20.416 million shares to 218.638 million shares on Friday when compared with 239.054 million shares traded on Thursday. During the week under review, the country's premier bourse recorded total volumes of 1.153 billion shares at average daily turnovers of 230.691 million shares.

Market capitalization trimmed down by 0.36 percent or 28.906 billion rupees (283.397 million U.S. dollars) to 7.934 trillion rupees (77.793 billion dollars) whereas trade value reduced by 15.37 percent or 2.117 billion rupees (20.756 million dollars) to 11.658 billion rupees (114.301 million dollars).

Among 375 active scrips on Friday, prices of 223 issues depleted, 127 advanced, whereas values of 25 other companies remained unchanged ahead of the weekend.

Karachi Electric Limited, TRG Pakistan Limited, and Pak Elektron Limited were the top traded companies with turnovers of 53.246 million shares, 14.463 million shares, and 11.644 million shares, respectively.

Philip Morris Pakistan was the top price accumulator with an increase of 67.8 rupees (66.47 cents) to 1,426.8 rupees (13.98 dollars) while on the flip side, Murree Brewery led the major price shedders with a decline of 29.15 rupees (28.57 cents) to 821.4 rupees (8.05 dollars). Endit