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PSX sheds 132pts to drop to 46449 till midday

PSX sheds 132pts to drop to 46449 till midday

KARACHI: The Pakistan Stock Exchange shed 131.90 points to drop to 46449 level till midday on Tuesday.

Stocks opened flat at 46580 points in early trading. On Monday, the PSX remained dull at the start of new week, where volumes fell by 18% vs last day. The benchmark 100-share index lost its bullish momentum of last 8 successive sessions and closed at 46,581 points with a marginal decline of 57 points.

Fertilizer sector stepped ahead in Monday’s session and contributed 84 points to index, as market is expecting better financial results of urea manufacturers for 1Q2018 owing to expected growth of around 46% YoY in urea off-takes coupled with possible reduction/elimination of GIDC on feed gas. Crescent Steel (CSAP) gained 3% as company notified exchange about award of a new contract amounting to Rs1.7b by Sui Northern Gas Pipeline (SNGPL).

Top five stocks FFC (+3.8%), EFERT (+2.0%), PPL (+0.6%), FCCL (+2.1%) & PIBTL (+3.1%) added 103 points to the index gain whereas stocks including POL (-1.3%), HBL (-0.6%), COLG (-4.8%), BAHL (-1.3%) & PSO (-1.4%) withheld 84 points from the index. Pakistan’s exports during Mar 2018 witnessed robust growth of 24% YoY, whereas imports went up by 5% YoY, resulting into trade deficit of $3b, down by 5.7% YoY.

Amreli Steels (ASTL) notified exchange about cessation of JV agreement with a Chinese company Qingdao Huijintong Power Equipment Company Limited for electrical transmission business in Pakistan.

Crescent Steels (CSAP), in its notice to exchange, stated that CSAP has been awarded with a new contract of 24 inch coated pipes valuing to Rs1.7b with an possible execution during 1QFY19.

Sazgar Engineering (SAZEW) notified exchange about its rikshaw sales volume of 1693 units during Mar 2018, down by 4% YoY.