- Index loses 295 points; trading volumes decline by 42pc
KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed another rough session on Thursday, as the index, which started the day positively, failed to hold on to its gains.
Indices which traded in green right from the start took a U-turn in the afternoon and ended in red. Investors preferred to stay on the sidelines, hence volumes remained thin.
On the economic front, according to the latest report published by Moody’s Investor Service on Thursday, Pakistan’s projected real GDP growth is expected to slow to between 4.3pc – 4.7pc in Financial Year 2018-19 (FY19) and FY20 from 5.8pc in FY18 due to policy measures taken to deal with external imbalance. Moreover, according to recent data released by Fitch Solutions, rupee is expected to touch Rs148 against the US Dollar by end of FY19.
Indices started the session with positivity and the KSE 100 index accumulated 157.35 points to reach its day’s high of 38,464.79. It then dropped by 540.43 points or 1.43pc to touch its day’s low of 37,767.01. After recovering a little, the index settled lower by 295.81 points at 38,011.63. The KMI 30 index fell short by 814.33 points, closing at 64,003.84, while the KSE All Share index was down by 164.22 points, ending at 28,019.76.
Trading volumes declined significantly by 42pc on a DoD basis and were recorded at 84.25 million. TRG Pakistan Limited (TRG -3.24pc), Pak Elektron Limited (PAEL -2.23pc) and K-Electric Limited (KEL -3.29pc) were the most traded scripts of the day with 5.85 million shares, 4.79 million shares and 4.44 million shares exchanging hands respectively.
The textile weaving sector (-3.07pc), close-end mutual fund sector (-3.01pc), vanaspati and allied industries sector (-2.65pc), power generation and distribution sector (-2.28pc) and technology and communication sector (-2.24pc) were all among the major losers.
The oil and marketing sector lost 1.67pc from its cumulative market capitalization. Sui Southern Gas Company Limited (SSGC) and Sui Northern Gas Pipeline Limited (SNGPL) declined by -4.93pc and -4.76pc respectively after the prime minister suspended the directors of state-owned gas companies. Hascol Petroleum Limited (HASCOL -1.72pc), Hi-Tech Lubricants Limited (HTL -1.01pc) and Attock Petroleum Limited (APL -1.98pc) also ended in red.
