The benchmark KSE-100 index Friday lost 51.69 points and closed at 41,200.48 due to selling, mainly in the cement sector. Trading activity also remained low as the daily trading volumes decreased to 462.871 million shares as compared to 774.863 million shares Thursday. The market capitalisation, however, increased by Rs 3 billion to Rs 8.388 trillion. Out of the total 445 shares traded, 218 closed in positive, 218 in negative while the value of 9 stocks remained unchanged.
Bank of Punjab was the volume leader with 47.657 million shares shedding Rs 0.15 to close at Rs 15.55 followed by Summit Bank that gained Rs 0.45 to close at Rs 4.03 with 40.166 million shares. Sui Northern Gas surged by Rs 2.28 to close at Rs 56.11 with 24.863 million shares.
Wyeth Pak and Colgate Palmolive were the top gainers and increased by Rs 139.78 and Rs 80.75 respectively to close at Rs 2935.43 and Rs 1766.00 while Sanofi-Aventis and Hinopak Motor were the top losers and lost Rs 55.00 and Rs 40.82 respectively to close at Rs 1225.00 and Rs 1556.02.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed bearish amid subdued activity on institutional profit taking in bluechip stocks. Cement stocks remained in pressure on higher coal prices despite rising sales data for September 2016. Oil stocks outperformed the index after surge in WTI crude prices above $50/barrel on likely Opec production cut. Weak fertiliser prices, falling global equities and foreign outflows at PSX played a catalyst role in bearish close.
Abra Juma at Global Securities said that the local bourse again experienced directionless trading with the index hovering between the green and red zone throughout the day. The cement sector's performance remained subdued during the session as according to APCMA, total cement off-take increased by a meagre 3 percent on year-on-year basis during September 2016. Additionally, recovering coal prices (36month high price of $77/MT) also continued to exert pressure on the sector, causing most cement companies to close negative. The oil and gas exploration sector managed to benefit from rising oil prices with Brent crossing $52.5/bbl. Consequently, POL and OGDC contributed 18 points towards the index.
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