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Energy scrips drag index down on slumping oil prices

Energy scrips drag index down on slumping oil prices

KARACHI: Volatility prevailed at the stock market on Monday as the benchmark KSE-100 index slipped 134.46 points (0.34 per cent) to close at 39,017.32 points.

The heavyweight E&P sector remained under pressure throughout the day on the back of crude oil prices that fell to a two-month low, as US producers increased drilling despite abundant supplies, triggering worries of a global oil glut. The sector hamme­red the index down 78 points.

Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company Limited (OGDC) declined 2pc and 1.6pc, respectively, taking away 61 points from the index. In contrast, investor interest in refineries drove Attock Refinery Limited (ATRL) and Pak Refinery Limited (PRL) up 1.9pc and 3.4pc, respectively.

The national bourse witnessed net foreign buying of $7.8m on Monday, inflating July’s net foreign buying to $20.2m. Volumes declined 24pc to 166m shares and trading values slid 17pc to Rs 9.8bn. Byco Petroleum Limited (BYCO) and Agritech Limited (AGL) led in volumes.

According to calculations by Intermarket Securities, OGDC, PPL, FML, ENGRO and FFC took away 112 points while PSEL, PAKT and HBL added 44 points to the KSE-100 index. Autos remained buoyant due to renewed concerns of the yen weakening amid expectations of a stimulus in the upcoming Bank of Japan meeting. PSMC up 2.17pc and INDU 0.93pc were the top performers of the auto sector.

Analyst Ahmed Saeed Khan at JS Global commented that, in anticipation of lower revenues this quarter, the fertiliser sector remained under pressure, FFBL down 0.87pc and FFC lost 0.97pc, the two companies are to announce their half yearly results in the next two days.

Courtesy : Dawn News



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