KSE-100 falls 454 points as selling hits key sectors at PSX

KARACHI: The Pakistan Stock Exchange ended Monday’s trading session in the red. The KSE-100 index closed at 165,966.09 points, down 453.63 points or 0.27 per cent.

According to The Express Tribune, the session opened weak. At 9:38am the index fell 298.81 points to 166,120.90. It improved during the day and touched a high of 166,698.46. However, the recovery did not last. The index hit a low of 165,918.35 and closed in negative territory.

Selling was seen in automobile assemblers, cement, commercial banks, oil and gas exploration and oil marketing companies. According to K-Trade Securities, UBL, Systems Limited, Fauji Fertilizer and Hub Power were among the biggest losers. Selective buying in MCB Bank, Attock Refinery, Pakistan Oilfields, TRG Pakistan and Bank Alfalah provided some support. Brent crude remained above $100 per barrel.

Shares of 499 companies were traded in the market. Of these, 163 gained, 302 lost and 34 were unchanged. The overall volume in the ready market was 370.9 million shares, down from 396.9 million on Friday. The value of trades stood at Rs19.6 billion.

On the corporate front, Engro Fertilizers posted a net profit of Rs9.1 billion for the third quarter (earnings per share of Rs6.83), up 57 per cent year on year. The company announced a cash dividend of Rs5.50 per share, compared with Rs4.50 last year.

According to Ali Najib of Arif Habib Limited, the market may fluctuate between 164,000 and 168,000 points in the coming period. K-Trade said the near-term direction would depend on global oil prices, the geopolitical situation and corporate earnings.