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December 6, 2017

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Stocks inch down on political uncertainty

Stocks closed down on Tuesday as the market remained directionless on prevailing political uncertainty in the country, and the benchmark index traded in a narrow range, dealers said.
“Investors were unnerved by the Lahore High Court’s orders to the Punjab government to make the 2014 Model Town incident judicial inquiry report public in 30 days,” Topline Securities said in a post market note.
Pakistan Stock Exchange (PSX) KSE-100 shares index shed 0.26 percent or 104.40 points to close at 39,945.41 points. KSE-30 shares index shed 0.65 percent or 130.80 points to close at 20,009.78 points.
As many as 363 scrips were active of which 195 advanced, 152 declined, and 16 remained unchanged.
The ready market volumes stood at 147.302 million shares as compared with the turnover of 96.65 million shares a day earlier.
Activity picked as volumes gained 52 percent, while the high-risk high-return strategy of the value hunters paid off as Japan Power Generation Limited (JPGL) leaped to 78 percent, after the power producer said it would appeal for an early winding up petition.
Meanwhile, K-electric (KEL), up 3.3 percent made some late gains on speculation over outcome of multiyear tariff hearing.
Sui Northern Gas Pipelines (SNGP), down 4.9 percent, caved into pressure as the gas utility uploaded a document on its website claiming its profits would be slashed if Oil and Gas Regulatory Authority revised its tariff.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks fell on investor concerns over economic uncertainty and foreign outflows.
“Dismal data on CPI (consumer price index) inflation for November, falling global crude oil prices and concerns over surging current account and trade deficit played a catalytic role in the bearish close,” Mehanti said.
Going forward, analysts see flow-driven market with investors closely monitoring institutional activity, both local and foreign, in index heavy names to forecast future

direction.
Companies reflecting highest gains include Nestle Pakistan, up Rs542.50 to close at Rs11,392.50/share and Khyber Tobacco, up Rs69.45 to close at Rs1,568.45/share.
Companies reflecting most losses include Unilever Foods, down Rs250 to close at Rs6,950/share and Wyeth Pakistan, down Rs30 to end at Rs1,590/share.
Highest volumes were witnessed in K-Electric with a turnover of 17.85 million shares. The scrip gained 21 paisas to close at Rs6.55/share.
TRG Pakistan was second with a turnover of 12.73 million shares. It gained 35 paisas to close at Rs37.41/share.
JPGL was third with a turnover of 12.185 million shares. It gained Rs1.0 to finish at Rs2.28/share.

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