LAHORE: The Pakistan Stock Exchange (PSX) had a lazy beginning to Ramzan, as expected by market analysts. Market participation remained dismal on the bank holiday. Indices drifted lower all day long before the last hour. The bearish spell of selling in the last hour of trading forced indices to close well in the red.
The market has now lost 8 per cent in the month to date. The KSE 100 index dropped down to intraday low of 41,833.60 with a loss of 467.60 points moments before close. It settled lower by 431.55 points at 41,869.65. The KMI 30 index toppled a further 806.37 points to settle at 71,364.60. The KSE All Share Index lost 141.57 points with 209 decliners and only 71 advancers.
The market volumes depreciated to 56.94 million. Pak Elektron Limited (PAEL -4.96 per cent) was top pick of investors who exchanged 18.39 million shares. The script marked a fresh 52 week low of Rs 36.94 falling from a 52-week high of Rs123.73.
K-Electric Limited (KEL +0.82 per cent) was next with 4.83 million shares traded. The 52-week range of the script is a low of Rs5.34 and high of Rs7.91. Dewan Cement Limited (DCL -4.12 per cent) next on the volume chart, 3.90 million.
Commercial banks and cement remained major decliners as they cumulatively deducted 423 points from the index.
Auto sector continued its downward trajectory as investors are estimating lower sales of the companies going forward primarily due to the restriction imposed on non-filers in Finance Act 2018, that kept Auto stocks under pressure.
Master Wind Energy Group applied for listing on the bourse. The company commenced commercial operations status on October 14, 2016, and has now placed its draft prospect for public comments.
Diamond Industries Limited (DIL) informed all stakeholders through a notice to the exchange that it has settled liabilities with Allied Bank Limited.
Kuwait’s Noor Financial Investment, the major shareholder of Meezan Bank Limited (MEBL +0.08 per cent), disclosed interest of a foreign firm in buying 9.59 per cent of its 49.10 per cent holding in the bank. Noor Financial Investment has requested the State Bank of Pakistan for permission to carry out the above transaction.
Moreover, Balochistan Glass (BGL) notified the exchange that the company has got approval from SECP to issue 90 million shares at a price of Rs10 per share by the way of shares other than right shares.
