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Bears dominate as KSE-100 drops 420 points

Bears dominate as KSE-100 drops 420 points

KARACHI: Pakistan Stock Exchange (PSX) witnessed a negative start to the trading week, as the indices remained in the red zone for almost the entire session on Monday, dragging the benchmark KSE-100 Index below the 43,000-mark.

On the economic front, a Pakistani delegation is currently on a three-day visit to Beijing where it would hold talks with Financial Action Task Force (FATF) on January 21. According to media reports, there is a possibility that a voting process would be conducted to determine Pakistan’s exit from the FATF ‘grey list’.

The KSE-100 Index, which opened the day above 43,000 points, slid to its intraday low at 42,632.58 after losing 535.19 points. It ended lower by 420.14 points at 42,747.63. The KMI 30-Index declined by 1,037.56 points to close at 69,238.86, while the KSE All Share Index fell by 189.85 points, closing at 29,808.60. Out of the total traded shares, 70 advanced while 242 declined.

Sectors that halted the index’s upward movement included banking (-128.60 points), fertilizer (-78.14 points) and cement (-50.50 points). Among the companies, Engro Corporation Limited (ENGRO -84.66 points), Engro Fertilizer Limited (EFERT -54.70 points) and United Bank Limited (UBL -38.42 points) dented the index the most.

The overall market volumes were recorded at 173.90 million, of which 116.37 million came from KSE-100 scrips. Engro Fertilizer Limited (EFERT -5.48pc), TRG Pakistan Limited (TRG -4.36pc) and The Bank of Punjab (BOP -1.44) led the volume chart, exchanging 15.27 million, 11.90 million and 11.71 million shares, respectively.

The cement sector lost 1.85pc in its cumulative market capitalization. Maple Leaf Cement Factory Limited (MLCF -3.99pv), D G Khan Cement Company Limited (DGKC -2.82pc), Lucky Cement Limited (LUCK -1.19pc) and Bestway Cement Limited (BWCL -1.25pc) closed in the red.

In a notification to the exchange, Azgard Nine Limited (ANL -1.82pc) announced that the company would issue right shares at par value to raise Rs365 million in order to pay off liabilities to its creditors.

Meanwhile, Hi-Tech Lubricants Limited (HTL +5.50pc) revealed that the company has finally started “marketing of petroleum products” through the operation of four franchised HTL fuel stations in cities of Jaranwala, Faisalabad, Jhang and Chiniot. As per the company, the number of fuel stations would soon be increased to 26 in Punjab.