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Stocks retreat for second day amid profit-taking

KARACHI: The Pakistan Stock Exchange (PSX) saw another day of profit-taking on Thursday, with the benchmark KSE-100 index closing down by 293 points (0.63 per cent) at 46,700.

Habib Bank (HBL), Pakistan Petroleum (PPL) and Oil and Gas Develop­ment Company (OGDC) cumulatively contributed 182 points to the index decline. Following a weak start and an initial bounce of 209 points, the index came down gradually amid thin market participation.

The volume of traded shares fell 30.4pc to 270 million shares, while the value decreased by 39.2pc to Rs13 billion ($125m). The Pakistan Inter­national Bulk Terminal Ltd (PIBTL) led the volumes chart with 35m shares traded.

Negative sentiment prevailed in the oil and gas exploration companies as major companies — OGDC, PPL and Pakistan Oil Fields (POL) — shed between 1.45pc and 1.67pc of their stock price. The PIBTL closed at its lower price limit.

Ahsan Mehanti at Arif Habib Corporation said the stocks closed bearish amid institutional profit-taking on concerns for dismal data on the current account deficit and foreign outflows. Weak exports, likely rise in local POL prices and uncertainty over pricing of the strategic sale of the PSX impacted the sentiments.

Intermarket Securities stated that banks retreated for a second consecutive session, with MCB Bank falling by 1.16pc, HBL 3.51pc, Faysal Bank 2.69pc and JS Bank Ltd 3.53pc.

DG Khan Cement fell 0.89pc, Cherat Cement 1.75pc, Fauji Cement 0.97pc, Maple Leaf Cement 0.23pc and Kohat Cement 1.07pc, taking their toll on investor sentiment.

Fertilisers also staged a retreat with Engro Corporation going down by 0.70pc, Fauji Fertiliser Bin Qasim 0.59pc and Fauji Fertilisers 0.28pc.

courtesy : dawn news

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