Profit-taking in cement sector drags PSX down

KARACHI : Pakistan Stock Exchange index on Wednesday witnessed a decline by 109 points (0.33%) to close at 33619.84 points.
The market saw profit taking with the cement sector leading the decline on lower than expected numbers of key players. CHCC, down 2.78%, announced its 9MFY16 result, announcing EPS of Rs 5.91/share, which was lower than expectation of Rs6.24/share, dealers said.
Positivity was witnessed in the refineries on the back of strong gross refining margins prevailing in the sector as NRL rose 4.36%. SNGP, up 3.52%, rallied after announcing its 3Q16 result, posting an EPS of Rs 0.002/share.
EFOODS, which declined 1.12%, remained under pressure on back of news that FBR wants to end the zero rated regime for the dairy sector, observed analyst Ahmed Saeed Khan.
Volume increased by 9% to 262m shares while value increased by 17% to Rs 10.3b/99$m. Continued interest was observed in BYCO which led the stock to close up by 3.9%, brokers said.
Analyst Ahsan Mehanti said bearish activity continued in the earnings season on investors’ fears for foreign outflows and political uncertainty. Trade was led by second and third tier scrips on speculations ahead of quarter-end earnings announcements amid support in selected oil stocks on strong valuations.
Dismal earnings in the banking, textile sector and uncertainty in global equities played a catalyst role in bearish close, dealers said.

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