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KSE-100 lands in red amid political noise

KSE-100 lands in red amid political noise

KARACHI: Contrary to the previous session, investors of the Pakistan Stock Exchange (PSX) experienced a jittery ride on Tuesday, as the indices traded within a narrow range owing to political uncertainty.

As per media reports, Jamiat Ulema-e-Islam-Fazal’s (JUI-F) Azadi March entered its third day on Tuesday. The JUI-F marchers, accompanied by senior leaders of main opposition parties, reached Multan earlier in the day. The caravan, led by party chief Maulana Fazlur Rehman, would reach Lahore late in the evening.

Meanwhile, the business community’s two-day shutter down strike against the imposition of taxes has commenced. The traders have warned to expand the protest if the condition of presenting a CNIC copy for buying and selling goods up to Rs50,000 is not withdrawn.

On the economic front, the International Monetary Fund’s (IMF) delegation is currently discussing with the Pakistani authorities its $6 billion 39-month long economic programme.

Gaining 154.96 points, the KSE-100 Index recorded an intraday high at 34,016.55. The index then rolled in the opposite direction to reach its intraday low at 33,715.97 after losing 145.62 points. It closed lower by 64.08 points at 33,797.51. The KMI-30 Index dropped by 196.83 points to end at 54,959.09, while the KSE All Share Index settled lower by 43.28 points at 24,500.50.

The overall trading volumes improved significantly from the previous session and were recorded at 225.08 million (up 66pc on a daily basis). Worldcall Telecom (WTL +9.91pc), The Bank of Punjab (BOP +5.19pc) and Pakistan International Bulk Terminal Limited (PIBTL -3.18pc) held the first three slots on the volume chart. The scripts had exchanged 37.53 million, 22.56 million and 10.63 million shares respectively.

The pharmaceutical sector gained +2.02pc in its cumulative market capitalization. GlaxoSmithKline (Pakistan) Limited (GLAXO 5.00pc), Ferozsons Laboratories Limited (FEROZ +4.99pc) and Sanofi-Aventis Pharmaceutical Pakistan Limited (SAPL +4.65pc) ended with decent gains.

Indus Motor Company Limited’s (INDU -1.31pc) profit fell to Rs1.32 billion in the first quarter of FY20 compared with Rs3.51 billion in the same period of last year. Gross profit margins slipped from 14pc in Q1FY19 to 9.7pc. An interim cash dividend of Rs7 was also declared by the company.

The Searle Company Limited’s (SEARL +3.04pc) gross profit margin improved from 33pc in 1QFY19 to 48pc in 1QFY20. Distribution cost went up by 20pc, finance cost surged by 38pc while other income declined by 79pc owing to which earnings per share slipped from Rs3.44 to Rs2.58.

Systems Limited (SYS +0.95pc) announced earnings per share of Rs2.43 for 3QFY19 as compared to Rs1.65 in 3QFY18, Standard Chartered Bank (Pakistan) Limited (SCBPL +1.35pc) decalred an EPS of Rs1.09 (Rs1.09 in 3QFY18) while Highnoon Laboratories Limited (HINOON +5.00pc) posted an EPS of Rs6.92 (Rs5.90 in 3QFY18).