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KSE-100 loses 103 points amid volatile activity

KSE-100 loses 103 points amid volatile activity

KARACHI: The Pakistan Stock Exchange (PSX) ended the last session of the week on a negative note, with the indices failing to overturn the recent downward trend and closed in the red.

The benchmark KSE-100 Index recorded its one-week return at -5.62pc while its one-month return clocked in at -8.76pc. Foreign investors remained net sellers of $50.21 million during the month of February (highest since August 2017).

On the economic front, the International Monetary Fund announced that it has reached a staff-level agreement with Pakistan after both sides “resolved all outstanding issues aimed at keeping the $6-billion programme on track”.

Moreover, according to latest data released by State Bank of Pakistan, the country’s total foreign exchange reserves remained flat at $18,743 million for the week ended February 27, 2020. The reserves previously stood at $18,747 million (as on Feb 14).

The KSE-100 Index gained 219.75 points to touch its intraday high at 38,307.07 during the initial trading hours. However, it headed southwards thereon, shedding 328.75 points to mark its day’s low at 37,758.57. The index finally settled lower by 103.70 points at 37,983.62.

Among other indices, the KMI-30 Index lost 110.77 points to close at 59,433.31, while the KSE All Share Index declined by 107.58 points, ending at 26,289.38. Out of the total traded scrips, 158 advanced and 148 declined.

The overall market volumes declined from 249.24 million in the previous session to 201.66 million, with Hascol Petroleum Limited (HASCOL -3.41pc), Maple Leaf Cement Factory Limited (MLCF +2.40pc) and Unity Foods Limited (MLCF +0.39pc) topping the volume chart. The scrips had exchanged 18.51 million, 17.62 million and 14.03 million shares, respectively.

On the financial side, the Searle Company Limited (SEARL +4.82pc) declared its performance for the second quarter of FY20. The company’s revenue increased by 16pc while its cost of sales fell by 12pc, resulting in 71pc YoY surge in gross profit. However, the company’s distribution cost inflated by 20pc, finance cost surged by 51pc while admin cost increased by 19pc. The company’s earnings per share declined from Rs6.85 in 2QFY19 to Rs5.44 in 2QFY20.

Moreover, Unilever Pakistan Foods Limited (UPFL 0.00pc) announced its financial results for FY19. Revenue improved by 11.71pc YoY while the cost of sales increased by 20.03pc, pushing the gross profit margin from 44.96pc in FY18 to 40.86pc in FY19. The company posted an EPS of Rs385.08 for FY19 (Rs274.92 in FY18).