Stocks end down by 244 points on corporate results

Stocks end down by 244 points on corporate results

KARACHI: Pakistan Stocks ended down by 244 points on Thursday owing to below expectation corporate results.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,441 points as against 45,685 points, showing a decrease of 244 points.

READ MORE: Stocks shed 47 points on inflation concerns

Analysts at Topline Securities said that Pakistan equities commenced the day on a negative note in the backdrop of below expectation corporate announcement.

Initially, ENGRO Corp announced the CY21 earnings where company announced Rupee 1 payout against the street expectation of Rupee 4-5.

The reports flow regarding resumption in Russia/Ukraine tension further deteriorated investors’ sentiment which triggered selling across the board.

READ MORE: KSE-100 index gains 88 points in range-bound trading

During the day, the KSE 100 index made an intraday low at 45,259 level (-426 points; down 0.93 per cent). However, value hunting resumed at that level which assisted market to show some recovery and eventually settled at 45,441 level.

Fertilizer, Power, Foods and Bank sectors’ stocks saw selling trend today where ENGRO, HUBC, DAWH and LUCK contributed negatively by losing 124 points. On the flip side, EFERT, MTL and HBL added 33 points collectively, today.

About 153 million shares traded today while total value clocked in at Rs. 4.8 billion. WTL was volume leader of the day with 16.1 million shares traded in it, today.

READ MORE: Stocks plunge 435 points on rising international oil prices

Analysts at Arif Habib Securities said that the market remained under-pressure today due to inflationary concern arising from higher fuel prices.

In cement sector, CHCC and KOHC remained in the limelight as it announced financial result in line with market expectations. Main board activity remained dull. Across the board selling was observed in the last trading hour, which led the market to close in the red zone.

READ MORE: Stocks gain 139 points in range-bound trading

Sectors contributing to the performance include Fertilizer (-56.0 points), Power (-42.0 points), Inv Banks (-36.4 points), Banks (-22.0 points) and Vanaspati & Allied (-16.7 points).

Volumes increased from 145.3 million shares to 152.9 million shares (+5.2 per cent DoD). Traded value also increased by 15.5 per cent to reach US$ 27.2 million as against US$ 23.6 million.

Stocks that contributed significantly to the volumes include WTL, HUMNL, TELE, KEL and UNITY.

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