Pakistan stocks end flat; oils weigh

Pakistan stocks market on Monday extended the lethargy of the last week as oil doom caused losses at the energy counters, though robust earnings saved the benchmark index from a major fall, dealers said.  

“If the positive results were not there the market would have gone down too deep,” said Zafar Moti, a PSX’s member.

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed down 7.15 points, or 0.02 percent, to close at 33,759.97 points.  KSE 30-Index dropped 17.22 points, or 0.09 percent, to end at 19,532.69 points.

Turnover also fell 37 million shares to 156.58 million shares. Trading value dipped to Rs7.35 billion from Rs8.44 billion, while market capital remained flat at Rs6.95 trillion. Of a total of 349 companies, 150 gained, 181 lost and 18 remained neutral.

Moti said the market is likely to remain directionless for this week as there is no charm amid declining oil stocks and Panama Leak issue, engulfing the tax evaders across the globe. 

Analyst Ali Raza at Elixir Securities said equities closed another session almost flat after trading range-bound in a band of 200 points. “Activity in the market was lower as political noise in the shape of poor crisis management over Panama scandal kept investors nervous,” Raza said.

Index heavyweight oils led the declines as participants tracked a sharp drop in global crude after recent meeting between oil producers over oil output freeze hit a dead end. 

Oil and Gas Development Company was down 1.2 percent, Pakistan Petroleum (PPL) dropped 1.1 percent and Pakistan Oilfields dipped 1.8 percent. 

Highest increase was recorded in Wyeth Pak Ltd XD by Rs71.74 to Rs1,800/ share, followed by Philip Morris Pak that rose Rs68.90 to Rs1,699.90/share. Major decrease was noted in Nestle Pak XD by Rs246.44 to Rs7,183.56/share, followed by Bata (Pak) XD that fell Rs169.95 to Rs3,230.05/share.  Significant turnover was recorded in stocks of Sui Northern Gas Pipeline Ltd, TRG Pak Ltd, Pak Int Bulk, K-Electric Ltd, Dewan Motors, Sui Southern Gas Company Ltd, Byco Petroleum, Jahangir Siddiqui Co, Pak Refinery and Descon Chemical.

Sui Northern Gas Pipelines Limited was the volume leader with 12.33 million shares with an increase of Rs1.37 to Rs28.77/share. It was followed by TRG Pak Ltd with 9.11 million shares with an increase of 36 paisas to Rs34.13/share.

Shares’ turnover in the futures market fell to 26.17 million shares from 30.92 million shares traded in the previous session.