KARACHI: The Pakistan Stock Exchange (PSX) witnessed a weak session, as bears remained in control for majority of the day. Investors resorted to profit taking in early trading hours after indexes recorded several new all time highs in the past week.
The benchmark KSE-100 index continued its range bound trading, as the index took a dip in the afternoon by 281 points to 38,905.61, but later recovered to touch intra-day high of 39,269.14, a gain of 76 points. The index closed marginally up at 39,253.25 after appreciation of 64.78 points. The KMI 30 index also took an afternoon dip of 421.38 points to 69,501.84 before taking a 371.49 points flight to 70,294.71. The index settled up 312.96 points at 70,236.18 amid late buying. The KSE All Share index landed up 43.71 points at 26,200.12. The advancers to decliner’s ratio stood at 153 to 147. The market volumes contracted from 199.80 million to 172.00 million.
The oil and gas marketing sector was top traded with 40.85 million shares exchanged, as investors accumulated Sui Northern Gas Pipeline Limited (SNGP +4.78%). Sui Southern Gas Company Limited (SSGC +4.98%) also rallied as big names including Shell Pakistan Limited (SHEL -1.72%) and Pakistan State Oil Limited (PSO -0.35%) depreciated.
Sentiments in the cement sector were weaker than those witnessed in the last two weeks and scripts closed mixed. Attock Cement Pakistan Limited (ACPL) was top gainer of the sector, which rose up 2.74% followed by Maple Leaf Cement Factory (MLCF +2.14%). Last week’s star, Pioneer Cement Limited (PIOC) shed 0.02% and Lucky Cement Limited (LUCK) slipped down 0.33%.
The oil and gas exploration sector saw no major change, as prices of crude oil in the international prices were volatile again. Pakistan Oilfields Limited (POL) inched up by 0.80%, Pakistan Petroleum Limited (PPL) creeped up 0.14% and Oil and Gas Development Company (OGDC) tripped by 0.52%.
Crescent Star Insurance Limited (CSIL +9.29%) touched its upper circuit breaker price after it announced signing of MoU between its subsidiary Crescent Star Foods (Pvt) Ltd and G*olden Franchising Corporation, Dallas, Texas, United States of America (Golden Chick), American Food Chain for Master Franchising Rights of six GCC Countries. The company has signed for 42 stores, to be opened under the between the company and franchise. The company has signed to open 42 stores starting from 2017.
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