Pakistan stocks decline 82.96 points on profit-taking

Web DeskWeb Editor

06th Jul, 2021. 08:29 pm
PSX

KARACHI: Pakistan stocks started the day with a positive momentum, however, investors preferred to book profits on the back of sequential rise in the international oil prices, which is a key risk for the current account position, dealers said on Tuesday.

In addition, The National Command Operation Center (NCOC) has warned of re-imposition of restrictions in the wake of increase in the Covid cases, amid severe violations of SOPs.

Ahsan Mehanti at Arif Habib Corp said that the oil stocks outperformed on surging global crude oil prices and 18 per cent higher petroleum products’ sales. “However, political noise, regional uncertainty and rupee instability played a catalytic role in the bearish close.”

The Pakistan Stock Exchange KSE-100 shares index shed 0.17 per cent, or 82.96 points, to close at 47,346.16 points. The KSE-30 shares index shed 0.06 per cent, or 12.05 points, to close at 19,004.84 points.

As many as 413 scrips were active, of which 125 advanced, 271 declined and 17 remained unchanged. The ready market volumes stood at 541.3 million shares, compared with the turnover of 494.53 million shares in the last trading session.

An analyst at Arif Habib Limited said the index went up earlier in the session that saw across-the-board buying activity; however, selling pressure took over later on that drove stock prices down, particularly in the power, technology, steel and refinery sectors.

“[The] banking sector remained muted with limited price uptick in Habib Bank Limited (HBL), whereas E&P sector saw continued selling pressure in [the] Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) to close lower.

Muhammad Mubashir at JS Global Capital said that profit-taking continued across-the-board at the bourse on Tuesday. “[The] market opened in [the] green zone and touched an intraday high of 47,665 points but was unable to sustain at these levels and dropped down to 47,242 points during the day.”

Major selling pressure was witnessed in refineries, where the National Refinery Limited (NRL) declined 6.6 per cent, Attock Refinery Limited (ATRL) went down 4 per cent and the Pakistan Refinery Limited (PRL) declined 2.8 per cent.

The cement sector gained momentum after the news of price increase of Rs25/bag in the South and Rs10/bag in the North but fell victim of profit-taking later on.

The companies, which reflected the highest gains included Pakistan Tobacco, up Rs39.99 to close at Rs1,419.99/share; and Exide Pakistan, up Rs38.76 to close at Rs555.57/share.

The companies that reflected the most losses included Rafhan Maize, down Rs600 to close at Rs9,650/share; and Wyeth Pakistan, down Rs138.42 to end at Rs1,935.25/share.

The highest volumes were witnessed in Hascol Petroleum with a turnover of 49.86 million shares. The scrip gained 79 paisas to close at Rs8.07/share; followed by WorldCall Telecom with a turnover of 48.87 million shares. It shed 12 paisas to close at Rs3.86/share. Byco Petroleum was the third with a turnover of 29.9 million shares. It shed 10 paisas to finish at Rs10.80.

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