PSX sheds 104 points

KARACHI – The Pakistan Stock Exchange (PSX) remained lacklustre throughout the trading session as the index, which made a high of 35 points and a low of 157 points, closed down 104 points at 39,945 points.

Investors were unnerved that the Lahore High Court (LHC) ordered the Punjab govt to make 2014 Model Town incident (a clash between Punjab provincial police force and political party Pakistan Awami Tehreek’s activists in June 2014 which resulted in several protesters being killed by police gunfire) judicial inquiry report public in 30 days, stated dealer at Topline Securities.

Penny hunter’s high risk high return strategy paid off as JPGL (+78%/+Rs1.0), a shuttered oil based IPP, said in a bourse filing that it would appeal an earlier winding up petition. Meanwhile KEL (+3.3%) made some late gains on speculation over outcome of MYT hearing. SNGP (-4.9%) caved into pressure as the gas utility uploaded a document on its website alleging its profits would be slashed in half if OGRA’s proposals go through.

Top index point detractors were UBL (down 2%), OGDC (1.5%), HBL (1.3%), SNGP (4.9%) & MCB (1.3%), holding 152 points, while NESTLE (up 5%), DAWH (2.3%), SEARL (3%), ENGRO (1%) & KEL (3.3%) added 85 points. On the sector front, banks shed 92 points, OMCs 54 points, E&Ps 24 points, power 23 points & cement 20 points, while food added 23 points, auto assemblers 22 points, pharma 18 points & ferts 16 points.

Traded volumes however improved by 52% DoD to 147m shares while value traded jumped to $58m.

Fertilizer sector closed negative where EFERT (down 0.02%) and FFC (0.84%) closed in the red; however ENGRO (up 0.95%) showed some relief as it closed in the green zone. Rally was witnessed in PSMC (up 3.55%) on the news that the company is introducing 4 new products, observed dealer at JS Global.

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