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Cement scrips drag index down by 110 points

Cement scrips drag index down by 110 points

KARACHI: Profit-taking was witnessed at the stock market on Wednesday as the index lost 109.78 points (0.33 per cent) to close at 33,619.84.

The index was dragged down mainly by the cement sector where most stocks ended in the red. LUCK, DGKC, CHCC, MLCF, PIOC, FCCL and KOHC all witnessed profit-taking.

Turnover stood at 262 million shares while value rose to Rs10 billion.

SNGP, Power Cement and TRG stood out as volume leaders clocking in a combined turnover of 47.8m shares or 25pc of the entire market volume.

SNGP (up 3.5pc) announced 3QFY16 result where it reported earnings per share of Rs0.34.

Investor interest was seen in BYCO (up 4.6pc), which has increased since it announced amalgamation of Byco Oil Pakistan, its parent, and Byco Terminals Pakistan, wholly owned subsidiary, with and into the company.

Fertilisers remained depressed, stated dealers at Global Securities.

Analyst Ahmed Saeed Khan at JS Global said that positivity was witnessed in refineries on the back of strong gross refining margins prevailing in the sector as NRL gained 4.36pc.

Ahsan Mehanti at Arif Habib Ltd commented that bearish activity continued in the earnings season on investors’ fears over foreign outflows and political uncertainty.

E&P sector closed up once again despite significant decline in crude oil prices.

“We believe that the index is undergoing a consolidation phase. While trying to hypothesise future direction of the market and taking guidance from previous consolidation phase which lasted for 17 sessions (March 8-31) current consolidation phase closed its 12th day,” pointed out analysts at Intermarket Securities.

Courtesy : Dawn News



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