PSX fails to sustain gains, closes in red

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KARACHI: Failing to sustain the gains made in previous session, the Pakistan Stock Exchange (PSX) ended the last session of the week in red.

Indices on Friday oscillated in both directions in search of a clear path while volumes also declined from the previous session. Foreign investors, on the other hand, ended as net-buyers on Thursday with a net inflow of $7.05 million.

On the economic front, Pakistan received the last tranche of $1 billion from Saudi Arabia as part of the $3 billion bailout package, as reported by State Bank of Pakistan. Earlier on Thursday, UAE had deposited $1 billion under the recently announced cash programme for Pakistan.

As reported by the central bank, foreign currency reserves had dropped to a 57-month low of $6.63 billion. The receipt of these tranches would provide a cushion to the reserves. Moreover, the monetary policy is expected to be announced today (Saturday).

The KSE 100 index, after gaining 90.79 points, touched an intraday high of 40,379.95 during the initial hours of trading. It then remained volatile thereon reaching day’s low of 40,165.72 (down by 123.44 points). The index finally settled lower by 24.38 points at 40,264.78. The KMI 30 index fell short by 356.40 points and closed at 66,987.91, while KSE All Share index declined by 86.26 points, ending at 29,367.67. Out of total traded scripts, only 115 advanced while 168 declined.

Trading volumes declined from 245.87 million in the preceding session to 156.11 million. The Bank of Punjab (BOP -0.23pc), Pakistan International Bulk Terminal Limited (PIBTL -0.50pc) and Fauji Foods Limited (FFL +5.00pc) were the volume leaders of the day. The scripts had traded 25.32 million, 18.64 million and 8.70 million shares respectively.

The oil and gas marketing sector lost 1.56pc in its cumulative market capitalization. Sui Southern Gas Company Limited (SSGC) was down by -3.68pc, Sui Northern Gas Pipeline Limited (SNGPL) by -1.95pc and Pakistan State Oil Company Limited (PSO) by -1.48pc. Hi-Tech Lubricants Limited (HTL -1.14pc) and Hascol Petroleum Limited (HASCOL -0.82pc) also closed the day in red.

The automobile assembler sector (-2.06pc) ended as loser on Friday. Sazgar Engineering Works Limited (SAZEW +5.00pc) touched its upper-circuit breaker, while Atlas Honda Limited (ATLH -4.39pc), Honda Atlas Cars (Pakistan) Limited (HCAR -3.76pc) and Indus Motor Company Limited (INDU -3.06pc) closed negative.

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