PSX closes in the red

A bearish trend continued on Pakistan Stock Exchange (PSX) Tuesday. The benchmark KSE-100 index lost another 156.75 points to close at 48,523.41 points. Trading activity also remained low as the daily trading volumes decreased to 218.176 million shares as compared to 237.971 million shares traded Monday. The market capitalisation declined by Rs 7 billion to Rs 9.588 trillion. Out of total 391 active scrips, 214 closed in negative, 153 in positive while the value of 24 stocks remained unchanged. Foreign investors remained net sellers of shares worth $3.3 million.
Bank of Punjab was the volume leader with 23.189 million shares. However, it declined by Rs 0.91 to close at Rs 16.70 followed by Azgard Nine that increased by Rs 1.00 to close at Rs 12.74 with 19.056 million shares. Aisha Steel Mill plunged by Rs 1.10 to close at Rs 25.68 with 18.694 million shares.
Philip Morris Pak and Pak Tobacco were the top gainers with Rs 117.80 and Rs 66.50, respectively to close at Rs 2,473.80 and Rs 1,396.50. Wyeth Pak and Colgate Palmolive were the top losers with Rs 145.98 and Rs 85.00, respectively to close at Rs 2,789.86 and Rs 2,165.00.
Arhum Ghous at JS Global Capital said the local bourse closed in the red on the back of forthcoming Panama case result coming week. The index traded between an intraday high of 5 points and intraday low of 190 points, finally closing at 48,523 level, down 157 points. PPL (down 1.36 percent), POL (down 1.33 percent) and OGDC (down 0.85 percent) in the E&P sector remained in the red as oil prices struggled near low levels on rising U.S. shale production. Moreover, mixed insight in the cement sector was witnessed where DGKC (down 0.38 percent) and MLCF (down 0.32 percent) plunged and closed negative on the back of the KPK government awarding 14 licenses to the country's various industrial groups to set up cement factories in the province. Banking sector (down 0.6 percent) closed in the red as the sector's heavy weights, MCB (down 0.15 percent) and HBL (down 0.52 percent) closed in the red again.
An analyst at Topline Securities said that trading at the bourse witnessed another lacklustre session. Faltering sentiments due to panama case's looming verdict and deliverable future's roll-over period led the KSE-100 index to decline by 157 points. Downside contribution of 99 points came from LUCK (down 1.0 percent), SEARL (down 2.6 percent), PPL (down 1.4 percent), HBL (down 0.5 percent) and OGDC (down 0.9 percent). On the flip side, interest was seen in big tobacco, with PAKT and PMPK hit their respective upper limits and adding 23 points to the index. MARI (up 1.8 percent), the only E&P closing in the green, added 10 points to the index on notification of additional working interest in Bannu West, along with MARI gaining the operatorship of the block with 35 percent working interest.