KARACHI: It wasn’t the best start to the week for the investors at the Pakistan Stock Exchange (PSX), where bears remained dominant for the most part of the day.
The indices traded on both sides during the session and later followed a downhill path to end in red. Foreign investors ended as net sellers in the last week with a net outflow of $9.43 million.
The KSE 100 index depleted 335.91 points shortly after the commencement of the session to touch an intraday low of 41,052.97. It ended the session lower by 292.55 points at 41,096.33. The KMI 30 index rolled lower by 193.23 points to close at 19,686.91, while the KSE All Share index declined by 118.71 points to settle at 29,816.55. The advancers to decliners ratio stood at 106 to 222.
Trading volume declined by 19 per cent from the last trading session and was recorded at 178.02 million. K-Electric Limited (KEL -0.99 per cent) led the volume chart exchanging 17.72 million shares, followed by Lotte Chemical Pakistan Limited (LOTCHEM +2.61 per cent) with 15.91 million shares and Siddiqsons Tin Plate Limited (STPL -0.53 per cent) with 11.97 million shares.
The tobacco sector (+4.23pc), chemical sector (+1.99pc), miscellaneous sector (+1.83pc), textile weaving sector (+1.68pc) and glass and ceramics sector (+1.47pc) were amongst gainers for the day, while losing sectors included close-end mutual funds (-3.41pc), food and personal care products (-3.02pc) and engineering sector (-2.56pc).
The cement sector lost 2.49pc from its cumulative market capitalization. Cement giant Lucky Cement Limited (LUCK) depreciated by 3.70pc, whereas D G Khan Cement Company Limited (DGKC) and Bestway Cement Limited (BWCL) declined by 2.70pc and 1.99pc respectively. Fauji Cement Company Limited (FCCL -1.45pc), Maple Leaf Cement Factory Limited (MLCF -2.40pc) and Cherat Cement Company Limited (CHCC -3.63pc) also ended negative.
Honda Atlas Cars (Pakistan) Limited (HCAR -5.00pc) touched its lower lock after the company released its financial performance for the second quarter of Financial Year 2018-19 (2QFY19). No payout was declared along and the company’s sales appreciated by 13pc YoY. The earning per share on-the-other-hand declined by 36pc YoY, while the cost of sales increased by 20pc YoY which resulted in a decline in gross profit margins of 39pc YoY.
