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100-Index lands in red as bears continue to dominate PSX

100-Index lands in red as bears continue to dominate PSX

KARACHI: The Pakistan Stock Exchange (PSX) again closed bearish ash the benchmark 100-index lost 65.97 points to settle at 40,638.83.

Traded volumes were below 100 million for the first time in last 39 sessions. This was only the third time in 5 months where traded volumes did not cross the 100 million mark. The KSE 100 touched its intraday high of 40,781.43 minutes after the session begun. It then went south to hit intraday low of 40,462.91. Failing to recover losses it settled lower by 65.97 points at 40,638.83. The KMI 30 index depreciated by 265.47 points to close at 68,883.57. While, the KSE All Share index ended at 29,351.72 after losing 18.81 points.

Trading volumes declined by 22 per cent day on day (DoD) basis and were recorded at 97.42 million. The Bank of Punjab (BOP +1.55 per cent) ended as most traded script of the session with a volume of 6.34 million. Siddiqsons Tin Plate Limited (STPL +2.24 per cent) and Fauji Cement Company Limited (FCCL -2.01 per cent) were next in line on volume chart. The scripts had 5.87 million shares and 3.79 million shares exchanged respectively.

The banking sector gained 0.34 per cent in its cumulative market capitalisation as investors wait for the next monetary policy. Market analysts expect a further hike in interest rates.

While, the oil and gas exploration sector declined by 0.68 per cent, power generation and distribution sector by 0.50 per cent and oil and gas marketing sector by 1.28 per cent.

Exide Pakistan Limited (EXIDE -5.00) declared its financial results for 2QFY19. The company’s sales declined by 19 per cent YoY. On the other hand, the earnings per share improved from Rs -25.65 in SPLY to Rs -20.93 in CY.

Refineries closed in the green on Thursday, led by NRL(+5 per cent) and ATRL (+1.5 per cent), as the Cabinet Committee on Energy (CCoE) ordered immediate lifting of furnace oil from refineries and a 6-month plan envisaging all fuel requirements within a fortnight.

Investor participation severely regressed on Thursday as traded volumes fell by 22 per cent to 97 million, while traded value plummeted by 28 per cent to $35 million.