PSX extends losses as MSCI ejects Engro from EM

KARACHI - Another dull session was witnessed at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index, after trading between an intra-day high of 77 points and intra-day low of 340 points, closed 296 points down at 40,944 points.

Trading at the bourse was underpinned by MSCI’s overnight announcement where the leading index provider ejected Engro Corporation (ENGRO) from MSCI Emerging Markets Index. Resultantly, ENGRO crashed 5% with only 0.66m shares exchanging hands. On the flipside, some respite was perceived on the external front given allowance of $3b borrowing from international debt markets. At close, KSE-100 was down 0.7%; activity improved as volumes rose 60% while value was up 57%, observed dealer at Topline brokerage.

Worst index point performers were ENGRO (down 5%), OGDC (2.2%), DAWH (5%), MCB (2.1%) & PPL (1.3%), withholding 235 points from the index out of which ENGRO was 85; while HBL (up 1%), HUMNL (4%), NESTLE (1.3%), SEARL (1.3%) & FCCL (1.3%) added 56 points to the index. On the sector front, tech, foods & textile cumulatively contributed 29 points to the index, while fertilizer hashed out 128 points, followed by E&P’s shedding 96 points and banks which eroded 41points.

Channel checks suggest that domestic DAP prices are increasing in line with rising international prices (DAP prices up $21/ton WoW, ending 10th Nov). Local producer FFBL will raise prices by Rs50/bag whereas the importers have raised Rs50-200/bag, market participants said. Volumes stood at 140m shares as compared to 87mn shares traded previously, while traded value rose to Rs6bn/US$55.5mn.

Volume leaders during the day were ANL with 18.6m shares, contributing 13% to total market volumes, UNITYR with 14.5m shares traded contributing 10%, and TRG with 8.9m shares traded contributing 6% to total market activity. These three scrips cumulatively generated 30% of total volumes.

ePaper - Nawaiwaqt