KARACHI: In the absence of positive triggers, the Pakistan Stock Exchange (PSX) continued with its downward streak on Tuesday. Market participation remained thin while indices dripped further.
As per news reports, Pakistan has attracted five-month high foreign direct investment (FDI) of $280 million in November 2018. These inflows were 17pc more than the inflows received in the same period last year ($239.50 November 2017).
Following a negative start, the KSE 100 index reached an intraday low of 37,979.03 after losing 330.14 points. It then settled on the lower side at 38,115.81, losing 193.36 points. The KMI 30 index depreciated by 409.14 points to end at 64,271.50, while the KSE All Share index fell short by 4.83 points to close at 28,177.64. The advancers to decliners ratio stood at 111 to 181.
Volumes continued to remain absent from the bourse. A total of 90.62 million shares were traded in the session with K-Electric (KEL +2.93) in lead. The script saw 14.23 million shares exchanging hands. Next in line were Bank AL Habib Limited (BAHL -0.69pc) and The Bank of Punjab (BOP -1.39pc) with volumes of 5.67 million and 5.65 million.
The woolen sector (-3.10pc), leasing companies’ sector (-1.95pc), jute sector (-1.70pc), synthetic and rayon sector (-1.57pc) and modaraba sector (-1.41pc) were all on the losing end. On the other hand, the tobacco sector (+3.49pc), miscellaneous sector (+2.17pc) and transport sector (+1.85pc) were the top gainers of the day.
The Economic Coordination Committee (ECC) approved the price of imported urea at Rs1,712 per 50kg bag for National Fertilizer Marketing Limited dealers after analyzing the proposal from the Ministry of Industries and Production.
After the announcement, the fertilizer sector lost 0.74pc from its cumulative market capitalization. Fatima Fertilizer Company Limited (FATIMA) declined by -2.29pc, Engro Fertilizer Limited (EFERT) by -1.00pc and Engro Corporation Limited (ENGRO) by -0.85pc.
According to the notification sent to the exchange by the management of GlaxoSmithKline Consumer Healthcare Limited (GSKCH -1.21pc), the Sindh High Court has approved the scheme of merger and amalgamation between the GSKCH and GlaxoSmithKline OTC (Private) Ltd.
