Stocks end flat as losers outnumber advancers

Stocks closed little changed on Thursday as declining names outnumbered advancers, although auto sector gained on better quarterly sales number and falling yen, dealers said.

Analyst Faisal Bilwani at Elixir Securities said equities closed unchanged on the first trading day after two-day holidays with volatile trading keeping investors on the lookout for the triggers.

Stocks opened positive with the benchmark Index testing 41,400 with autos (Honda Atlas Car, Indus Motors and Pakistan Suzuki) closing in their upper circles on renewed interest. Oils led the rally, tracking global crude.

The Pakistan Stock Exchange’s (PSX) benchmark 100-share Index closed flat with an increase of 0.02 percent or 8.07 points to 41,412.04 points. The highest index of the day remained at 41,629.32 points, while the lowest level of the day was recorded at 41,340.27 points.

KSE 30-share Index, however, fell 0.11 percent or 24.59 points to 22,637.64 points.

Turnover increased 77 million shares to 440.73 million shares. Trading value rose to Rs14.71 billion from Rs11.99 billion. Market capital remained flat at Rs8.42 trillion. Out of 458 companies, 211 closed up, 233 ended down and 14 remained unchanged.

Analyst Ahsan Mehanti at Arif Habib Limited said stocks hit new highs, led by selected scrips ahead of corporate results. 

Gains were recorded in the banking, steel and cement sectors. Weak global equities invited late session pressure. Institutional support in oil, cement and auto stocks, after a visit of US delegation to the PSX played a catalytic role, Mehanti said.

Highest increase was recorded in Unilever Foods XD. Its share price rose Rs264.99 to Rs5,564.99/share, followed by Indus Motor Co that was up Rs76.31 to Rs1,602.55/share.

Major decrease was registered in Nestle Pakistan.

Its stock value fell Rs99.20 to Rs7,800/share, followed by Wyeth Pak Ltd that was down Rs86.74 to Rs2,879.10/share.

Significant turnover was recorded in stocks of Bank of Punjab, Aisha Steel Mill, Askari Bank, NIB Bank Limited, Sui Northern Gas Pipeline Limited, Pace (Pak) Ltd, Lotte Chemical, TPL Trakker Ltd, Sui Southern Gas Company Limited and K-Electric Ltd.

Bank of Punjab remained the volume leader with 64.06 million shares with an increase of 73 paisas to Rs17.28/share. It was followed by Aisha Steel Mill with 18.89 million shares with an increase of 61 paisas to Rs14.84/share.

Shares’ turnover in the future contracts rose to 55.31 million shares from 36.52 million shares traded in the previous session.