KARACHI - Pakistan Stock Exchange (PSX) witnessed another lackluster session on Thursday as the 100-share index, after making an intra-day high of 117 points and a low of 150 points, closed at 45,906 points after losing 3 points.
The market is rife with speculation that participation is thin as the announcement date of the Panama case verdict is still pending (during trading hours), while a senior ruling party law maker had scheduled a press conference yesterday (post-trading hours) which likely also caused anxiety, said analyst at Topline Securities.
Top 5 index point performers were NESTLE (up 4.9%), HUBC (1.7%), BAHL (2.5%), OGDC (0.6%) & ABOT (up 4.9%), adding 117 points; while LUCK (down 1.1%), DAWH (1.5%), UBL (0.7%), ENGRO (0.9%) & HBL (0.4%) held back 66 points.
On the sector front, food added 41 points, power 27 points, E&Ps 15 points; while fertilizer shed 26 points, cement 19 points & OMCs 17 points.
UBL (down 0.6%) etched 2Q2017 EPS of Rs4.7, down 18% YoY & in line with expectations; the bank declared dividend of Rs3/sh. Stock closed flat as investors await outcome of SC decisions over JIT probe in the Panama case hearings.
Oil stocks outperformed amid surging global crude prices, stated analyst Ahsan Mehanti at Arif Habib Corp. Concerns for dismal corporate results in fertilizer sector, foreign outflows and concerns for political uncertainty played a catalyst role in bearish close at PSX.
Participation dipped with volumes falling 10% to 159m shares while traded value shed 24% to Rs6.3b/$60m.
Top traded ALLSHR stocks were BOP, ANL, TRG, KEL & ASL with combined turnover 57mn.sh (36% of total volume).
Market is expected to remain under pressure due to the last day of the rollover week. Also, the delay in SC's decision has curbed volumes in the market as investors remain vigilant of the impact of the decision on the market, said analyst at JS Global.