Index lost 69 points as investors preferred to stay on sidelines
KARACHI: It was a dull start of the week at the Pakistan Stock Exchange (PSX) where indices traded in red and volumes declined further.
Investors preferred to stay on sidelines after the State Bank of Pakistan announced the monetary policy. As per the new policy, interest rates have been increased by 100 basis points (from 7.50 per cent to 8.50 per cent) to control the demand and ensure short term stability. Foreign investors continued to be net sellers for three consecutive months (until September) with a total net outflow of $194.93 million.
The KSE All share index declined by 289.30 points to touch intraday low of 40,709.29. It then settled lower by 69.15 points at 40,929.44. The KMI 30 index depreciated by 228.40 points to end at 69,002.33, while the KSE All Share index was down by 23.48 point to close at 29,920.99.
Trading volumes declined further by 29 per cent from the last trading session and was recorded at 106.26 million. The Bank of Punjab (BOP -0.34 per cent) was the volume leader of the day with shares exchanging 21.17 million hands. Followed by Unity Foods Limited (UNITY +1.78 per cent) and Pak Elektron Limited (PAEL +1.53 per cent), shares exchanging 14.90 million and 4.00 million hands respectively.
Nishat Chunian Power Limited (NCPL -3.20 per cent) declared its results for Financial Year 2018 (FY18). A final cash dividend of Rs1.50 per share was announced by the company. Sales appreciated by 3 per cent YoY while earning per share was up by 13 per cent YoY (FY17 Rs8.17, FY18 Rs9.27).
At-Tahur Limited (PREMA 0.00 per cent) released its financial performance for the year ending June 30, 2018. The company’s sales increased by 25 per cent YoY whereas the earning per share improved from Rs1.01 in the preceding year to Rs1.62 in the current year. Finance cost was up by 68 per cent as compared to the previous year.
Ghani Glass Limited (GHGL 1.51 per cent) announced its results for FY18. The company also issued 30 per cent right shares at par. Sales were up by 9 per cent YoY while the earning per share inched up by 13 per cent YoY (FY17 Rs6.15, FY18 Rs6.93).
According to the announcement made by the board of directors of Sitara Peroxide (SPL +4.99 per cent), the company has decided to expand its production capacity from 80 metric tonnes per day to 120 metric tonnes per day to cater to the growing demand. The expansion is expected to be completed by September 2019.