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06-28-2016, 03:12 AM
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Stocks extend losses; UK exit weighs
Stocks closed almost one percent down on Monday as investors feared negative implications of UK exit from the EU on textile sector, while nearly half of the loss was due to profit-taking in banking shares, dealers said.
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed lower 0.94 percent or 350.31 points to 37,039.57 points. The highest index of the day remained at 37,508.96 points, while the lowest level of the day was recorded at 36,962.16 points. KSE 30-share Index also decreased 1.09 percent or 231.70 points to close at 21,115.46 points. Tur**ver fell 73 million shares to 163.68 million shares. Trading value shrank to Rs7.83 billion as against Rs15.29 billion. The market capital fell to Rs7.41 trillion from Rs7.47 trillion. Of a total of 323 companies, 121 closed up, 181 ended down while 21 remained neutral. Analyst Arhum Ghous at JS Research said the index extended further losses following the global sell-off post UK-exit. Analyst Ahsan Mehanti at Arif Habib Corp said Stocks fell as investors feared likely foreign outflows and weak exports as fallouts of UK exit from European Union. Oil Stocks were battered on falling global crude prices. Textile and cement Stocks weakened on falling exports. “Slump in global equities and commodities played a catalyst role in bearish close,” Mehanti said. OGDC (down 1.79 percent), PPL (dropping 0.92 percent) and POL (decreasing 0.65 percent) remained under pressure, as US crude oil prices lost value to close around $45 per barrel level. A Topline Research report said profit-taking was witnessed in banking sector. United Bank, MCB Bank and Habib Bank (HBL) fell 2.3 to 2.9 percent. Collectively, they added 160 points to index’s decline. Lucky Cement (down 2.26 percent) was also a major index mover. KEL gained 3.09 percent on the back of news that Shanghai Power decided to go ahead with the acquisition of KEL. “Moving forward we expect the market to remain under pressure and advise accumulation on the dips,” Ghous suggested. Highest increase was recorded in shares of Bata (Pak) by Rs100 to Rs3,750/share, followed by Nestle Pak XD that rose Rs25 to Rs7,375/share. Major decrease was recorded in shares of Rafhan Maize by Rs408.50 to Rs7,761.50/share followed by Unilever Foods that fell Rs139 to Rs5,200/share. Significant tur**ver was recorded in Stocks of K-Electric Ltd, WorldCall Telecom, Nishat Mills Ltd, TRG Pak Ltd, Hum Network, Dewan Cement, Silk Bank Limited, Pak Elektron, Engro Fertilizers and Fauji Cement. K-Electric Ltd remained the volume leader with 55.17 million shares with an increase of 24 paisas to Rs8.00/share. It was followed by WorldCall Telecom with 9.75 million shares with a drop of five paisas to Rs1.91/share. Shares’ tur**ver in the future contracts decreased to 25.67 million shares from 116.20 million shares traded in the previous session. أكثر... 
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العرض الشجري