Selling spree persisted on Tuesday on Pakistan Stock Exchange (PSX) with KSE-100 index losing 54 more points because of politico-economic negatives. As anticipated by the official quarters, the foreign portfolio investment remained in the positive zone and bought stocks worth $3.85 million (net). The PSX's two-day inflows having accumulated to $5.17 million, the offshore investors' net selling year-to-date (YTD) amounts to $7.1 million.
The benchmark index remained volatile as initially it was seen rallying to the intraday high of 32,331 before concluding the day at 32,266 points. "Stocks closed lower on investor concerns for political instability and selling pressure in oil stocks after crude oil prices fell below $31 per barrel at 12-year low," viewed Ahsan Mehanti, a director at Arif Habib Corp.
From Monday's 86 million, traded volume surged 47 percent to 127 million shares which valued 45 percent up to Rs 7.63 billion compared to the previous Rs 5.24 billion. Of the 315 scrips traded, 85 gained, 210 lost and 20 remained unchanged in valuation The market capital was the only head to move southward at Rs 6.81 trillion. TRG Pakistan, having closed up at Rs 30.91, appeared as a volume leader with 16.3 million trading turnover. Other well performers were TPL Trakker, Fauji Cement, DG Khan Cement, Pak Elektron, Maple Leaf Cement, JSCL, Bank of Punjab, SNGPL and K-Electric.
"Sentiments remained weak amid recovery in the late session rally and institutional support in oversold cement, fertiliser, auto and energy stocks on upbeat local cement sales data, auto sales data, and remittances data for July-Dec'15," Mehanti said. Topline analysts said as WTI crude shed 4.4 percent since Monday to $31 a barrel, the locally listed exploration and production firms ended in the red.
Pakistan Oilfields and Oil and Gas Development Company lost 4.6 and 0.9 percent while Pakistan Petroleum added 1.4 percent to its value because of what analysts said investors having opted for attractive valuation being offered by the stock amid increased flows due to new discoveries. "Cement and steel sector stocks remained investors' top picks amid falling coal and iron ore prices," they said. This helped Crescent Steel, Mughal Steel and D G Khan Cement gain 0.8 to 4.9 percent. Cherat Cement hit the five percent ceiling as investors were observed bullish on the timely completion of their new plant on which the company would enjoy a five-year tax holiday.
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