PSX sheds 315 points amid lacklustre trading

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KARACHI: Investors of the Pakistan Stock Exchange (PSX) preferred to stay away from the market on the first trading session after the long weekend. Indices crumbled, and volumes dropped on increased political and economic noise.

The KSE 100 index kept shedding its gains from the start of the session to touch intraday low at 40,899.28, after losing 420.85 points. The index fell short by 315.58 points to settle at 41,004.55. The KMI 30 index declined by 1.20 per cent and after losing 831.31 points, the index ended at 69,477.61. The KSE All Share index depleted by 146.86 points to end at 29,937.91.

The market volume declined by a massive 38 per cent from the last session and was recorded at 98.62 million. Lotte Chemical Pakistan Limited (LOTCHEM -5.65%) led the volume chart with 9.37 million shares exchanging hands, followed by K-Electric Limited (KEL -1.30%) and Unity Foods Limited (UNITY -4.99%) with 6.07 million and 5.45 million respectively.

The automobile assembler sector lost 2.58 per cent from its cumulative market capitalization. Indus Motor Company Limited (INDU) was down by 2.70 per cent, Millat Tractors Limited (MTL) by 3.87 per cent, Honda Atlas Cars (Pakistan) Limited (HCAR) by 5 per cent and Hinopak Motors Limited (HINO) by 2.38 per cent. Sazgar Engineering Works Limited (SAZEW -4.98 per cent) nearly touched its lower-lock after announcing its financial performance for the year ending June 30, 2018. Sales witnessed a growth of 9.68 per cent year-on-year (YoY) while earning per share appreciated from Rs 6.62 in the previous year to Rs 8.62 in the current year (an increase of 30 per cent).

Pakistan PVC (PPVC -5.79%) also released its financial results for FY18. The company’s sales declined by a slight 0.64 per cent, whereas earning per share was recorded at Rs -1.21 in the current year as compared to Rs -1.51 in the previous year.

Javedan Corporation Limited (JVDC +1.09 per cent) declared its financial performance for FY18. The company declared a final cash dividend of Rs 0.70 per share. Sales appreciated by 0.45 per cent while the company’s earnings per share fell by 55 per cent YoY (FY17 Rs 7.43, FY18 Rs 3.35). Cost of sales increased by 85 per cent YoY which resulted in a decline in gross profit margin by 26 per cent from the previous year.