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PSX ends week on bearish note [The Nation] 29 Apr, 2017

KARACHI -  Pakistan Stock Exchange (PSX) ended the week on bearish note on pressure in oil stocks amid falling global crude prices.

Volatility prevailed in the market during the first half of the trading session as index continuously traded between the positive and negative zones. However, pressure was witnessed in the market during the second half as the index lost around 181 points to close at 49,301 level (down 0.4 percent).

CSAP in the steel sector lost value to close on its lower circuit as the company declared its result for 9MFY17, in which it posted EPS of Rs11.28 (-8.35pc YoY). This 9MFY17 result was accompanied by an Rs1.5/share cash payout taking the full year payout to Rs3/share.

HASCOL (gains 2.59pc) in the OMC sector garnered investor interest as the OMC posted EPS of Rs3.12 for 1Q2017, up 86pc YoY. This increase in earnings can be attributed to company's continuous growth in its white oil segment (MS, HSD etc.) NCL (slip 3.19pc) in the textile sector failed to create excitement, in spite of positing EPS of Rs5.83 (83pc YoY higher). Since its subsidiary, NCPL, announced nil dividend for the second consecutive quarter in its 9MFY17 result announcement, it raised concerns with respect to 4QFY17 dividend income of the textile company, observed analyst Nabeel Haroon.

Institutional support remained in selected auto, banking and cement stocks on strong quarter end earnings announcements. Political uncertainty, weak global equities and foreign outflows played a catalyst role in bearish close post major earnings announcements at PSX, stated analyst Ahsan Mehanti.

Overall, volume decreased to 290 million shares compared to 399 changed hands yesterday. While traded value increased to Rs16 billion/$154 million. Aisha Steel Mill was the volume leader with 29 million shares traded, followed by Engro Polymer with 21.7 million shares traded and TRG Pak Ltd with 15.7 million shares traded were in limelight in the session.

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