Pakistan Stock Exchange bucks 11-day bullish streak

The Pakistan Stock Exchange (PSX) recorded bearish trading activities on Tuesday for the first time since Jan.21 as investors tracked lower international oil prices to book profits at higher levels.

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-Index declined by 0.8 per cent or 262.02 points to 32,444.20 points on Tuesday when compared with 32,706.22 points reported on Monday. During the 11-day bullish streak, the main index accumulated 1,954. 42 points from 30,751.80 points on January 21 to 32,706.22 points on February 8.

The KSE All Share Index nosedived by 0.63 per cent or 143.59 points to 22,608.51 points, the KSE 30-Index slipped by 0.84 per cent or 160.27 points to 18,963.84 points, the KMI 30-Index slumped by 0.74 percent or 410.78 points, whereas the Islamic All Share Index dipped by 0.75 percent or 116.36 points to 15,313.59 points.

During Tuesday’s trading session, the main index moved in a narrow range of 296.39 points as it touched an intraday high of 32, 717.41 points as against an intraday low of 32,421.02 points.

National Refineries Limited (NRL) announced earnings of Rs 36.07 per share which helped it to gain 0.43 percent in price. Attock Petroleum Limited (APL) also announced Rs 19.78 per share earnings besides Rs 15 per share cash dividend which made it close up by 0.21 per cent.

On the other hand, MCB Bank (MCB) released Rs 4.4 earning per share which was below market expectations. The MCB also announced a dividend of Rs 4 per share but it failed to stop the scrip from closing down by 1.03 percent.

Market volumes decreased by 2.46 percent or 3.736 million shares to 148.438 million shares on Tuesday when compared with 152. 174 million shares posted on Monday.

Market capitalization deflated by 0.48 per cent or Rs 33.402 billion ($327.476 million) to Rs 6.871 trillion ($67.364 billion) whereas trade value dropped 10.67 per cent or Rs 928.532 million ($9.103 million) to Rs 7.774 billion ($76.217 million).

Among 325 active scripts on Tuesday, prices of 225 issues depleted, 89 advanced, whereas values of 11 other companies stayed unchanged.

Pakistan International Airlines, Jahangir Siddiqui Company Limited, and Pace Pakistan Limited were the top traded companies with turnovers of 15.123 million shares, 11.861 million shares, and 10.211 million shares, respectively.

Atlas Honda Limited was the top price gainer with increment of Rs 10 (9.80 cents) to Rs 390 (3.82 dollars) while on the flip side Service Industries Limited led the major price shedders with decrement of Rs 34.99 (34.30 cents) to Rs 865.01 ($8. 48).