Stocks fail to sustain above 46,000 level

KARACHI: Trading on the stock market witnessed a strong start on Monday with investors rushing to buy shares in the oil and gas sector.

But the benchmark index failed to stay above 46,000 points amidst a lack of positive triggers and dropped below the previous session’s closing level. “Going forward, a slight correction can be seen and we advise investors to book profits at current levels,” said JS Global in a note to investors.

As a result, the KSE-100 index lost 68.4 points or 0.15 per cent to close at 45,841.25 points.

Traded volume and value stood at 150 million shares and Rs6.2 billion, respectively.

Sectors that took away the highest number of points from the benchmark index included cement (45.25 points), technology and communication (41.34 points), commercial banking (31.31 points), cable and electrical goods (10.87 points) and pharmaceutical (9.22 points).

Stocks contributing significantly to the traded volume included Pak Elektron Ltd (8.29m shares), Cnergyico PK Ltd (7.87m shares), Hum Network Ltd (6.5m shares), Oil and Gas Development Company Ltd (5.92m shares) and WorldCall Telecom Ltd (5.9m shares).

Shares contributing positively to the index included Oil and Gas Development Company Ltd (31.64 points), Pakistan Petroleum Ltd (21.86 points), Engro Corporation Ltd (15.62 points), The Hub Power Company Ltd (12.28 points) and National Bank of Pakistan Ltd (12.23 points).

Stocks that took away the maximum number of points from the index included TRG Pakistan Ltd (38.12 points), Lucky Cement Ltd (14.98 points), Pak Elektron Ltd (10.87 points), United Bank Ltd (10.11 points) and Maple Leaf Cement Factory Ltd (9.84 points).

Stocks recording the biggest declines in percentage terms included Pak Elektron Ltd, which went down 7.48pc, followed by Shakarganj Ltd (7.44pc), Feroze1888 Mills Ltd (4.04pc), International Industries Ltd (3.76pc) and TRG Pakistan Ltd (3.37pc).

Foreign investors were net buyers as they purchased shares worth $0.92m.