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Stocks close flat on global oil price fall

Stocks close flat on global oil price fall

KARACHI: The KSE-100 index closed virtually flat on Friday. The index slid a mere 0.47 points to end at 33,767.12.

The session opened positive and the index climbed 149.87 points but the decline in global crude prices following news of Iran’s lack of interest in April 17 Doha meeting, prompted the oil stocks to push the gap down in the second session.

OGDC (down 0.90pc) PPL (0.84pc) and POL (0.42pc) witnessed selling pressure.

Analyst Ahsan Mehanti commented that the stocks closed flat in the quarter-end earning season amid pressure in overbought oil, cement and fertiliser scrips.

According to analyst Arhum Ghous at JS Global investors, LUCK (0.58pc), DGKC (0.60pc) and FCCL (0.02pc) fell to close in the red zone.

BYCO petroleum gained 2.38pc on the back of material information disseminated by the company that the board of directors has approved a potential merger by way of amalgamation of Byco Oil Pakistan Ltd and Byco Terminals Pakistan Ltd with and into the company.

Dealers at Intermarket Securities pointed out that the regional markets also closed mixed on the final trading day of the week, amid a muted reaction to China’s GDP numbers for the first quarter.

OGDC, PTC and ENGRO dragged the index down by 36 points, though FFC, UBL and NBP managed to nullify the impact.

“We expect the oil prices to dominate the market sentiment in the upcoming week along with updates on our political landscape,” analysts said.

“Going forward, we anticipate the market to remain volatile with 34,000 acting a major resistance level,” forecast analysts at Global Securities.

Courtesy : Dawn News



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