KARACHI -  Pakistan Stock Exchange (PSX) stayed in the red zone for third consecutive day as the benchmark KSE 100-index conceded another 584.17 points and closed at 46,858.56 points.

Negativity in the market was due to noise in the political environment, declining foreign reserves and lower oil prices, analysts said.

Market lacked volume yesterday, with only 130 million shares traded throughout the day as compared to 355 million on the last trading day. While traded value also decreased to Rs7.4b/$71.2m.

Decline in volumes came as ASLR and POWERR ended to trade in the stock exchange. Commercial banks led the market in terms of volume with approximately 35 million shares changing hands. Commercial bank heavyweights including HBL (down 2.74%), UBL (1.49%), ABL (1.67%) and NBP (3.50%) cumulatively took away 159 points from the KSE-100 index. Declining oil prices resulted in sharp declines in the oil stocks where OGDC (down 3.55%), POL (1.14%) and PPL (3.91) eroded 138 points altogether, stated analyst at JS Global.

Stocks closed lower amid pressure in oil and banking stocks on dismal earnings outlook. Foreign outflows, falling global crude prices, weak banking spreads, additional tax levies in cement sectors, super taxes levies in the federal budget played a catalyst role in bearish close, market participants said.

Scrips of total 319 active companies participated in the session of which 200 finished in red, 98 in green while 21 remained unchanged.

Volumes were led by Bank of Punjab with 18.6m shares traded, followed by World Call Telecom with 12.3m shares traded and K-Electric Ltd with 10.1m shares traded.

 

OUR STAFF REPORTER