PSX down 28 points amid volatility

KARACHI: Volatility continued at the Pakistan Stock Exchange (PSX) for second consecutive session where the indices kept shedding gains to end the day in red. Foreign investors ended as net sellers on Wednesday with a total outflow of $3.57 million.

According to latest data released by State Bank of Pakistan (SBP), the foreign direct investment (FDI) has increased by 17pc (reaching a six-month high foreign investment in different sectors) to $319.20 million in December 2018 as compared to $272.8 million in the same period last year.

Moreover, as per news reports, a Russian firm (Inter RAO Engineering) has offered to invest $2 billion in Pakistan’s water and power sector projects, including Mohmand dam.

The KSE 100 index benchmark declined by 491.57 points to reach its intraday low of 38,780.37 by midday. It then made a swift recovery to touch its intraday high of 39,2984.47. Failing to sustain the gains, it finally settled lower by 28.05 points at 39,243.89. The KMI 30 index declined by 114.34 points to close at 66,138.50, while the KSE All Share index gathered 46.65 points, closing at 28,865.82.

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Trading volumes increased slightly from 92.78 million in the previous session to 104.48 million. The Bank of Punjab (BOP -1.09pc) topped the volume chart with 10.17 million shares exchanging hands, followed by TRG Pakistan Limited (TRG +2.77pc) and K-Electric Limited (KEL -2.38pc). The scripts had traded 9.01 million and 8.64 million shares respectively.

Top gainers of the session included tobacco sector (+2.81pc), modaraba sector (+1.89pc) and synthetic and rayon sector (+1.65pc). On the other hand, leather and tanneries sector (-2.68pc), vanaspati and allied industries sector (-2.39pc) and chemical sector (-1.83pc) ended on the losing side.

The transport sector lost -0.36pc from its cumulative market capitalization. (PICT -0.94pc), Pakistan International Bulk Terminal Limited (PIBTL -0.88pc) and Pakistan National Shipping Corporation (PNSC -0.13pc) all closed slightly negative. However, Pakistan International Airlines Corporation Limited (PIAA +1.29pc) ended in green.

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