LAHORE: Pakistan equities closed flat at 44,244 index points in Monday’s trading session despite making an intraday high of 44,244 points (+313 points) following rupee devaluation in the interbank market.
Positive momentum was seen in early trading hours as rupee lost value by around ~4 per cent against the US Dollar in the interbank market. This one is the third since December and the Rupee was seen trading at intraday low of Rs 121.50 per dollar. The market later succumbed to profit-taking as investors looked to book profits.
It is to be noted that market has already rallied by 2.5 per cent in the current caretaker setup (month to date).
The move comes following a record rise in imports in May and pressure on the country’s financial reserves amid falling remittances from Pakistanis abroad and mounting payments to Chinese companies for infrastructure projects.
The KMI 30 index also swung both ways, gaining 601.46 points and later losing 291.49 points to end 129.56 points in the red. The KSE All Share Index concluded the session with a 56.11 points loss. The advancers to decliners ratio stood at 105 to 209.
The market volumes were recorded at 160.15 million with The Bank of Punjab (BOP +1.30 per cent) maintaining its dominance. Investors exchanged 24.67 million shares in the script. Lotte Chemical Pakistan Limited (LOTCHEM +5.34 per cent) was next with 14.15 million shares traded with Pak Elektron Limited (PAEL -4.93 per cent) behind, volume 9.51 million.
Mughal Iron and Steel Industries Limited (MUGHAL -4.55 per cent) notified the exchange that the sanctioned grid station load has further been extended from 59.99 MW to 79.99 MW. The subject load is to be available upon completion of already ongoing works at relevant transmission lines and is expected to be energised by the 2nd quarter of the calendar year 2019. The script was hovering around its lower circuit breaker following the announcement.
Amongst the major sectors, cement and engineering sectors withheld 152 points from index whereas commercial banks and E&Ps added 142points to the index.
Faysal Bank (FABL) notified the exchange regarding its plan to convene an AGM to get approval for acquisition of 50 per cent voting shares of Faysal Asset Management from Islamic Company of the Gulf at Rs30 per share, acquisition of 19.99 per cent voting shares of Faysal Asset Management from Raziur Rehman at the rate of Rs30 per share, and capital support of the amount of Rs280 million to Faysal Asset Management, associated company of FABL.
Sazgar Engineering (SAZEW) announced its sales units and production units of 1,803 and 1,544 units, respectively for the month of May 2018.
