KARACHI: The Pakistan Stock Exchange (PSX) witnessed another volatile session on Wednesday as the indices, after fluctuating in positive and negative zones, finally settled in the red. Foreign investors continued to remain net buyers on Tuesday with a net inflow of $1.47 million.
As per the recent data released by the State Bank of Pakistan (SBP), economic growth is expected to slow down to 4-4.5 per cent in the current fiscal year. Previously, a target of 6.2pc was projected for Financial Year 2018-19. Moreover, the fiscal deficit has widened to Rs541.7 million or 18.62pc during the first quarter of the current financial year (2018-19) as compared to Rs440.8 billion in the same period last year.
The KSE 100 index climbed to its intraday high of 40,776.92 after gathering 152.53 points in initial hours of trading. The index remained volatile thereon, reaching its intraday low of 40,530.69 (down by 93.70 points) in the second half of the day. It finally settled lower by 17.27 points at 40,607.12.
Failing to hold gains, the KMI 30 index also fell short by 88.55 points to settle at 67,847.40, whereas the KSE All Share index managed to gain 29.32 points, ending at 29,631.28.
Trading volumes declined from 154.73 million in the previous session to 125.00 million. Fauji Foods Limited (FFL -0.56pc) led the volume chart with 10.31 million shares exchanging hands, followed by the announcement made by Fauji Fertilizer Bin Qasim Limited (FFBL -2.72pc) that it would invest Rs3 billion in FFL. Next in line were Pakistan International Airlines Corporation Limited (PIAA +1.63pc) and Siddiqsons Tin Plate Limited (STPL +4.90pc). The scripts had 7.23 million and 6.81 million shares traded respectively.
Atlas Honda Limited (ATLH -4.61pc) declared its financial performance for the third quarter of FY19. The company’s sales declined by 1.08pc YoY, while earnings per share decreased by 51pc YoY (3QFY18 Rs11.32, 3QFY19 Rs5.54). Cost of sales increased by 3.9pc YoY which resulted in decline in gross profit by nearly 42pc.
Food and personal care products sector (+2.57pc), leather and tanneries sector (+1.98pc) and sugar and allied industries sector (+1.70pc) closed as gainers, while the woolen sector (-3.05pc), close-end mutual fund sector (-2.53pc) and jute sector (-1.70pc) ended as losers.