Indices that opened green sunk by midday amid volatility
KARACHI: The Pakistan Stock Exchange (PSX) started the day on a positive note but the optimism was short-lived, as the indices that opened green sunk by midday on Tuesday.
Foreign investors offloaded $3.27 million with banking and cement sector taking the major hit. On the economic front, the government decided to decrease the advance income tax and capital gains tax on the sale and purchase of shares to facilitate investors.
The KSE 100 index, which rallied by 571.92 points to touch intraday high of 37,339.49 early in the day, erased all the gains by afternoon. It then settled lower by 104.19 points at 36,663.38.
The KMI 30 index also traded both ways, with a maximum rise of 1.91 per cent and a fall of 0.36 per cent before it concluded the session lower by 30.46 points at 62,056.42. The KSE All Share index ended flat, fell short by 5.54 points and closed at 27,319.78. Out of total traded scripts, only 156 advanced while 177 declined.
The market volumes swelled up from 165.52 million to 181.73 million. Worldcall Telecom (WTL -4.38 per cent), The Bank of Punjab (BOP +5.81 per cent) and Aisha Steel Mills Convertible Preference Shares (ASLPS -8.20 per cent) were the volume leaders of the session. The scripts had traded 36.08 million, 12.16 million and 10.99 million shares respectively.
Although the overall market trend was negative, the oil and gas exploration sector managed to gain 1.38 per cent in its cumulative market capitalization, crawling up with the recent rise in international crude oil prices. Oil and Gas Development Company Limited (OGDC) appreciated by a slight 0.86 per cent while Pak Petroleum Limited (PPL) gained 2.20 per cent in its market capitalization. Pakistan Oilfields Limited (POL +2.99 per cent) also ended the day in green whereas Mari Petroleum Company Limited (MARI) declined by a minor 0.06 per cent.
Rafhan Maize Products Limited (RMPL -4.10 per cent) announced its financial results for the third quarter of Financial Year 2017-18 (3QFY18). An interim cash dividend of Rs100 was declared by the company in addition to that already paid Rs200. Sales surged up by 13 per cent during the quarter under review whereas the company’s earnings per share increased from Rs120.72 to Rs131.01.
Pakistan International Container Terminal Limited (PICT -5.00 per cent) released its financial performance for the third quarter ending on September 30, 2018. The company announced an interim cash dividend of Rs6.00 per share. Sales depreciated by 15 per cent as compared to the same quarter in previous year, while earning per share declined by 37 per cent during the quarter (3QFY17 Rs6.29, 3QFY18 Rs3.98).
