BRIndex100 inches down

Pakistan Stock Exchange (PSX) stayed dull on Monday - the first session after budget FY19 announcement. BRIndex100 lost 1.76 points or 0.04 percent to close at 4,872.00 points on Monday compared to 4,873.76 points on Friday. BRIndex100 touched an intraday high of 4,902.96 points and an intraday low of 4,865.10 points. Total trading volume was 214.097 million shares. B O Punjab was the most traded company in BRIndex100 with a volume of 85.292 million.
BRIndex30 opened at 24,698.21 points. It touched an intraday high of 24,830.03 points and an intraday low of 24,619.12 points and finally closed at 24,681.67 points which was -16.54 points or -0.07 percent lower than previous close. Total share trading volume was 171.069 million at BRIndex30.
The benchmark KSE-100 index fell 54 points to close at 45,489 points compared to 45,543 points in the previous session. Overall some 248.566 million shares were traded at ready counter. Market capitalization declined by Rs 5 billion to Rs 9.386 trillion.
Analysts said that against expectations of buoyant market on the back of Federal Budget FY19, the market went bust. Day commenced with positivity and KSE100 went as high as 299 points however, selling pressure diminished all the gains and end of the session negativity pulled the index by 54 points. Investors' interest was maintained in BOP, which opened at upper circuit but due to selling pressure the circuit opened and the stock saw high trading volumes.
Ahsan Mehanti of Arif Habib Corp commenting on the market said stocks closed lower amid post budget profit taking after FED raised on cement sector and fall in federal PSDP allocations. Reduction on GST on fertilizers, withdrawal of tax on bonus shares, affirmation on Rs180 billion textile package amid record surge in textile exports data for Mar'18 supported fertilizer and textile stocks, he added.
He said that banking stocks outperformed on reduction in super tax, corporation tax and surging global equities. B O Punjab was the volume leader with 85.292 million shares and increased by Re. 0.87 to close at Rs 12.46 followed by Lotte Chemical that increased closes at Rs 11.27, up Re 0.58 with 25.912 million shares. Unity Foods Ltd. was the third highest trading share with 8.283 million shares and it closed at Rs 34.79.
Pak Tobacco and Sanofi-Aventis were the top gainers and increased by Rs 111.00 and Rs 63.00 to close at Rs 2,346.00 and Rs 1,323.00 respectively. Unilever Foods and Colgate Palmolive were the top losers and declined by Rs 450.00 and Rs 151.00 to Rs 8,550.00 and Rs 2,966.00 respectively.
BR Commercial Banks Index Closed at 9,154.64 points with a net negative change of -61.77 points or a percentage change of -0.67 and a total turnover of 96.600 million.
BR Cement Index Closed at 5,811.51 points with a net positive change of 35.14 points or a percentage change of 0.61 and a total turnover of 10.678 million shares. BR Oil and Gas Index closed at 5,544.43 points with a net negative change of -4.59 points or a percentage change of -0.08 and a total turnover of 8,767,060. BR Tech. & Comm. Index closed at 1,226.10 points with a net positive change of 11.91 points or a percentage change of 0.98 and a total turnover of 9,576,500.
BR Power Generation and Distribution Index closed at 6,742.12 with a net positive change of 27.65 points or a percentage change of 0.41 and a total turnover of 5,579,000
Analysts at JS said that Pakistan equities wobbled throughout the first trading session after FY19 budget announcement with market initially kicking off on a positive note, making an intraday high of 299 points. Nonetheless, the euphoria fizzled out quickly and the index ultimately closed at 45,489 levels.
They said that Federal Budget FY18-19 was largely a positive for the market, volatile market conditions prevailed as political uncertainty surrounding upcoming general elections continued to haunt investors.
During the session, major heavyweights namely, HBL (-0.92%), OGDC (-0.92%), PPL (-0.18%), ENGRO (-1.39%), MCB (-0.91%), BAHL (-2.26%) cumulatively contributed -118 points to the overall index and overall traded volumes witnessed accretion of 11 percent DoD to clock-in at 249mn shares and value traded also improved to $74 million.