PSX gains 269 points amid volatile trading

KARACHI: After morning bumps, Pakistan Stock Exchange (PSX) managed to stand its ground to close Tuesday’s session in green. Indices swung in both directions until they finally picked the green path and ended the day with gains. Foreign investors continued to be net buyers on Monday with a net inflow of $1.68 million.

As per latest data released by the State Bank of Pakistan, overseas Pakistani’s remitted $12.77 billion during the first seven months of the current fiscal year as compared to $11.38 billion in the same period last year (up by 12.22pc).

Meanwhile, according to data released by Pakistan Bureau of Statistics, the country’s trade deficit plunged by 9.66pc from $21.32 billion in the same period last year to $19.26 billion in the current year.

Moreover, exports surged by 2.24pc to $13.23 billion during the period under review from $12.94 billion in the corresponding period last year, while imports were down by 5.17pc in the first seven month of FY19 (FY18 $34.27, FY19 $32.49 billion).

The KSE 100 index, which kept oscillating in both directions, touched its intraday low of 40,269.00 by midday (down by 57.53 points). The index then made a recovery and reached its day’s high of 40,637.26 (up by 310.73 points) before settling positive at 40,596.28 (up by 269.75 points).

The KMI 30 index managed to gain 967.56 points to close the day at 68,352.96, while the KSE All Share index accumulated 108.87 points, ending at 29,408.12.

Trading volumes improved from 134.41 million in the previous session to 165.07 million. Azgard Nine Limited (ANL -1.08pc), K-Electric Limited (KEL +4.33pc) and Unity Foods Limited (UNTIY -3.24pc) were the volume leaders of the day. The stocks had 27.63 million shares, 12.7 million shares and 8.36 million shares traded respectively.

Al-Ghazi Tractors Limited (AGTL -2.55pc) declared its financial performance for FY18. The company announced a final cash dividend of Rs9 in addition to Rs30 already paid. Sales surged by 2.7pc YoY while earning per share declined by 20pc YoY (FY17 Rs53.88, FY18 Rs43.31).

Rafhan Maize Products Limited (RMPL 0.00pc) published its financial results for FY18. A final cash dividend of Rs125 was announced in addition to an interim dividend (Rs300) already paid. The company’s sales were up 14pc YoY, whereas earnings per share improved from Rs475.54 in the last year to Rs516.62 in the current year.

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