LAHORE: It was another roller-coaster ride for investors of the Pakistan Stock Exchange (PSX) as indices traded within a narrow range. The range bound session saw bulls lose their ground. The currency also weakened further against the US Dollar on Wednesday once again.
The KSE 100 touched intraday low of 42,639.24 after losing 120.89 points. The index ended lower by 28.27 points at 42,731.86. The KMI 30 index lost 161.94 points and settled at 73,300.97. While the KSE All Share index saw a decline of 35.47 points and was recorded at 30,910.57 at the close of the day.
The market volume saw a decline of 20 per cent day on the day basis and was recorded at 191.47 million. Pakistan International Bulk Terminal Limited (PIBTL +3.92 per cent) was top pick of investors which saw 11.08 million shares traded, Oil and Gas Development Company Limited (OGDC +0.35 per cent) was next with 10.64 million exchanged and Lotte Chemical Pakistan Limited (LOTCHEM -1.13 per cent) with 9.12 million.
Siddiqsons Tin Plate Limited (STPL +1.54 per cent) and Pak Elektron Limited (PAEL -1.09 per cent) were also amongst the top traded. The scripts had 8.39 million and 7.74 million shares respectively change hands on the table.
Even though the market trend was negative the oil and gas exploration sector managed to record a slight gain of 0.48 per cent in its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC), one of the volume leaders, was up by 0.35 per cent while Pak Petroleum Limited (PPL) appreciated by 0.61 per cent. Pakistan Oilfields Limited (POL +0.26 per cent) and Mari Petroleum Company Limited (MARI +0.84 per cent) clinched minor gains.
Engro Powergen Qadirpur Limited (EPQL -0.61 per cent) released its financial results for 2QFY18. The company declared an interim cash dividend of Rs 1.50 per share. Sales saw a minor increase of 0.55 per cent YoY. The per share earnings appreciated by 4.80 per cent to Rs 2.84 from the same quarter last year.
Pakistan equities ended marginally negative amid dull trading closing almost 28 points down. Lack of trigger and yesterday’s decision by the Election Commission of Pakistan (ECP) to put on hold result of 26 seats (9 National Assembly and 17 Provincial Assembly) including 2 NA seats where Prime Minister in-waiting Imran Khan contested elections, kept investors sceptical about the early formation of the Government.
As per news sources, expected Finance Minister of Pakistan from the PTI‐led government mentioned in various interviews that the government will offer profitable bonds to overseas Pakistanis. However, during the first 100 days, no relief will be provided to the people as the government will implement its decisions and assign duties to responsible people.
