KARACHI: The Pakistan Stock Exchange failed to sustain bullish trend on Thursday as KSE-100 Index closed on negative note despite upward trajectory during initial time interval.
Trading resumed after a day break as the nation observed Wednesday as Kashmir Day.
Foreign investors continued to offload equities for seventh consecutive session on Tuesday last. A net outflow of $3.93 million was recorded with highest selling witnessed in banking ($1.48 million), cement ($1.37 million) and oil and gas exploration sector ($0.812 million).
On economic front, Moody’s Rating Agency stated that Pakistan’s banking system would have a stable outlook for next 12-18 months. According to Moody’s, the country’s sovereign credit profile has improved in recent months, benefiting banks through their high exposure to the government securities, which account for around 40pc of their assets.
The benchmark KSE 100 Index which opened at 41,028.85 recorded its intraday high of 41,162.91 (up by +278.66 points) during initial hours. It then slid to its day’s low of 40,684.18, losing -200.07 points. The index settled lower by -159.84 points at 40,724.41. The KMI 30 index declined by -512.24 points, ending at 65,048.90, while, the KSE All Share index fell short by -95.46 points to close at 28,398.38.
Sectors that prevented the KSE 100 Index going upward included power generation and distribution sector (-65.11 points), oil and gas exploration sector (-42.22 points) and oil and gas marketing sector (-40.49 points). Hub Power Company Limited (HUBC -60.84 points), MCB Bank Limited (MCB -38.00 points) and Oil and Gas Development Company Limited (OGDC -29.76 points.
Matco Foods Limited (MFL -6.00pc) declared its financial performance for 2QFY20. The company’s sales dropped by 6pc YoY to Rs1.68 billion. Financial charges on the other hand increased by 50pc. The company reported an exchange loss of Rs924,000 in 2QFY20. EPS declined from Rs0.83 in SPLY to Rs0.18. cumulative EPS for first two quarters stood at Rs0.64.
In a notification to exchange BIPL Securities Limited (BIPLS +8.46pc) announced that the company has received a notice of public announcement of intention from M/s Next Capital Limited to acquire 77.12pc voting shares of BIPLS.