Pakistan equities closed its week Friday on a flat note at 37,522 levels with benchmark KSE100 Index gaining just 6 points.
Danish Ladhani, an equity analyst said the local bourse made a high and a low of +76 and -209 points, respectively. Market remained dull and lackluster on the back of economic uncertainty.
Moreover, as per data released by the All Pakistan Cement Manufacturers Association (APCMA), the industry’s total cement sales in Pakistan declined by 7 percent YoY whereas local cement sales fell 9 percent YoY, with major drag seen in sales of the North region down by 13 percent YoY.
Mixed sentiment was seen in the Cements where Chitral Cement (CHCC) (-0.9%), Dewan Cement (DCL) (-1.0%) and Fauji Cement (FCCL) (-0.3%) closed in the red zone where as LUCK (+0.1%), Maple Leaf Cement (MLCF) (+0.3) and Kohat Cement (KOHC) (+1.0%) closed in the green.
Similar sentiments were seen in the Fertilizer sector where ENGRO (+0.2%) closed in the green zone and Fauji Fertiliser Company (FFC) (-0.4%) closed in the red. Furthermore, in the Financials Habib Bank Limited (HBL) (-0.4%), MCB Bank (-1.0%), United Bank Limited (UBL) (-0.1%) were the major laggards. ENGRO (+0.2%), HUBC (+0.1%), Bank Alflah Limited (BAHL) (+0.2%), Pakistan Oil Fields (POL) (+0.1%), LUCK (+0.1%) and Engro Fertiliser (+0.9%) were top scrip to cumulatively contribute +17 points to the positive closing.
Even though traded volumes decreased by 20 percent to 102 million shares, traded value was up 11 percent at US$27 million. Furthermore, major contribution to total market volume came from ILP (+0.1%), UNITYR1 (-3.8%), KEL (+2.5%), WTL (+3.6%) and PAEL (+1.0%). Ladhani expects market to remain volatile and he recommends investors to stay cautious in the short run ahead of MSCI rebalancing and clarity on International Monetary Fund (IMF).