KARACHI: Investors at the Pakistan Stock Exchange (PSX) witnessed another jittery session on Tuesday, as indices swung both ways owing to a lack of clear direction.
As per news reports, Pakistan has received the first tranche of $1 billion from Saudi Arabia under the financial package of $6 billion. The loan has improved the country’s capacity to pay for imports. Previously, the reserves had dropped to a four-and-a-half year low of $7.48 billion, according to the central bank.
Moreover, according to a report published by Fitch Solutions, Pakistan’s economic growth is expected to slow down in the upcoming quarters and is estimated to be 5.40 per cent for Financial Year 2018-19 (FY19) as compared to 5.80 per cent in FY18.
The KSE 100 index lost 138.66 points to touch an intraday low of 41,214.11 in the initial hours of trading. It then recovered 113.04 points to reach an intraday high of 41,465.81. After rolling in both directions the index finally settled higher by 66.47 points at 41,419.24. The KMI 30 index closed at 71,008.20 after gathering 203.92 points, while the KSE All Share index appreciated by 75.52 points to end the trading session at 29,928.57.
Trading volumes declined from 176.44 million in the preceding session to 167.33 million, a fall of 5 per cent. Engro Polymer and Chemicals Limited (EPCL +2.83 per cent) came out as the volume leader trading 15.96 million shares, followed by Nimir Resins Limited (NRSL +2.36 per cent) with 13.93 million shares exchanging hands. Pakgen Power Limited (PKGP -0.69 per cent) was next in line with 10.40 million shares.
The chemical sector (+3.07pc), miscellaneous sector (+2.08pc) and cable and electrical goods sectors (+1.90pc) were among the major gainers, while major losers included modaraba sector (-2.04pc), jute sector (-1.70pc) and investment banking sector (-1.33pc).
The tobacco sector gained 1.24pc in its cumulative market capitalisation. Philip Morris Pakistan Limited (PMPK -5.00pc) touched its lower lock, whereas Pakistan Tobacco Company Limited (PAKT +3.68pc) ended the day in green.