Pakistan Stock Exchange (PSX) on Tuesday closed almost flat amid global equities turmoil. After the opening bell, the index started to decline and lost about 180 points during the first trading session, however, recovery was seen in the second session and finally the index closed in green zone. End of the session, the benchmark KSE-100 index gained some 9 point to close at 31,074.38 points on Tuesday up from 31,065 points on Monday.
Ahsan Mehanti of Arif Habib Corp said that global equities turmoil after WTI crude oil fell below $30/barrel keep the stock flat on second trading day of the week. "Institutional interest in cement and auto stocks on strong results supported the index to close above days low amid concerns for protests on the privatisation of State-Owned Enterprisers and hopes for positive outcome of the Pak-IMF review talks this week," he added.
Traded volume decreased by 17 per cent to 108 million shares compared to 129 million shares a day earlier, while traded value increased 1 per cent to Rs 6.6 billion. The market capitalisation declined slightly Rs 4 billion to Rs 6.625 trillion. Analysts at Topline said that stocks in cement sector supported the index as investors anticipate better than expected results for outgoing quarter. As a result, D G Khan Cement (DGKC) increased 3.5 percent and Maple Leaf Cement (MLCF) rose 1.4 percent in the session.
Fauji Fertiliser Bin Qasim (FFBL) rose 2.6 percent after it announced its 4Q2015 result, which was above the market consensus. Subsequently, Fauji Fertiliser Company (FFC) also increased by 2.9 percent in anticipation of a better result in outgoing quarter, they added.
Trading took place in 303 companies, of which 126 closed in green zone, 155 in the red, while share price of 22 companies remained unchanged. Fauji Fert. Bin, TRG Pak Ltd, D G Khan Cement, Japan Power and Sui South Gas were volume leader with 8.1 million, 7.8 million, 6.8 million, 5.2 million and 5 million share trading respectively.
Bata (Pak) and Sapphire Fiber were the top gainers and increased by Rs 50.00 and Rs 24.89 to close at Rs 3,400.00 and Rs 624.90, respectively. Ferozsons (Lab) and Ghandara Ind were the top losers and declined by Rs 50.54 and Rs 19.43 to close at Rs 1,003.02 and Rs 369.20 respectively. Analysts at Alternate Research said that banking sector fell due to news of shrinking spreads which lowered the HBL, MCB and HMB (-.65 percent), (- 1.27 percent), (-0.81 percent) respectively. Oil and gas exploration companies plunged as international oil prices again fell below USD 30 barrel.
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