SYEDA MASOOMA
The Pakistan Stock Exchange (PSX) showed more than usual fluctuations on Thursday (November 17). Starting at 42393.28 points, it went a little high before plunging down to 42326.98 points. It immediately recovered and reached its highest at 42526.93points and then fell down again to close at 42411.80 points. Emotions fluctuated along with the index and the investors were left confused at the shifting responses of the PSE.
Total traded volume for the day was 140,073,550 shares at the value of $9,605,465,902. According to the Inter-market Securities Limited report, the market showed mixed results. One of the reasons quoted was the uncertainty about the future, resulting from the adjournment of Supreme Court hearing until the month’s end. Overall the index improved by 0.02 per cent or 7.33 points in the day. The market participation however surged and showed an expansion of about 28 per cent on yesterday’s trading. Attock Refinery Limited (ATRL), Dewan Cement Limited (DCL) and Sui Northern Gas Pipelines Limited (SNGP) dominated the trading.
Overall the trading session was rather directionless, however. Lucky Cement (LUCK) rose by 2.97 per cent, Hascol Petroleum Limited (HASCOL) improved 5 per cent and Pakistan Oil Fields Limited (POL) by 1.35 per cent. In banking sector, Jahanger Siddiqui & Co (JSCL) rose by 4.90 per cent and Faysal Bank (FABL) by 3.51 per cent, contributing the upwards trend while United Bank Limited (UBL) went down by 0.75 per cent, Dawood Hercules Corporation (DAWH) decreased by 1.42 per cent and Hub Power Company (HUBC) showed decrease of 0.82 per cent pulling the index in the opposite direction. Sector wise analysis shows that cements, multi-utilities and steel staged a buoyant session while autos, banks, power & pharmaceuticals caved into profit taking, as the report mentioned.
The report maintained that the Hascol Petroleum Limited (HASCOL) maintained its upwards movement hitting its upper circuit limit on the back of Vitol exercising its Call Option to acquire an additional 10 per cent stake. Exploration and production sector went down and closed in green with the exception of Pakistan Petroleum Limited (PPL)which went down by 0.52 per cent and Mari Petroleum Company Limited (MARI) decreased by 0.23 per cent. Refineries also had a bad day with National Refinery Limited (NRL) showing -0.55 per cent, Attock Refinery Limited (ATRL) -1.17 per cent and Pakistan Refinery Limited (PRL) -0.73 per cent closing in red with Pakistan State Oil (PSO) went down by 0.41 per cent.
Cement sector managed to stay above the mark with some exceptions, DG Khan Cement Company Limited (DGKC) -0.03 per cent, Maple Leaf Cement (MLCF) -0.36 per cent and FCCL -0.36 per cent, who could not reap the benefits of the improving performance of the sector. The banks also came under pressure with even Habib Bank Limited (HBL) showing a negative 0.08 per cent movement. Other notable names also partnered in this decrease, with Muslim Commercial Bank (MCB) loosing 0.41 per cent, United Bank Limited (UBL) -0.75 per cent, Allied Bank Limited (ABL) -0.04 per cent and National Bank of Pakistan (NBP) -0.52 per cent.
Fertilizers also lost on the scene with Fauji Fertilizer’s (FFC) suggested Rs 50 drop per bag. Engro Chemical (ENGRO) went down by 0.27 per cent, Engro Fertilizers Limited (EFERT) by 0.40 per cent, Fauji Fertilizer (FFC) by 0.05 per cent and Fauji Fertilizer Bin Qasim Group (FFBL) by 0.42 per cent. Textiles industry took the cake once again by remaining in the positive side of the index. Nishat Mills Limited (NML) increased by 1.61 per cent and Nishat Chunian Limited (NCL) by 0.64 per cent. Some exceptions were seen here too with Gul Ahmad Textile Limited (GATM) losing 0.54 per cent and Gadoon Textile Mills Limited (GADT) decreased by 2.58 per cent.
According to the IMS report, the KSE-100 Index managed to post a second consecutive Doji on daily charts at trend line support. Immediate supports are extended in between 42,210 – 42,100.”