PSX fails to stay afloat, closes in red

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KARACHI: After a positive close in the previous session, Pakistan Stock Exchange was back in red zone on Wednesday, as indices that opened green sunk drastically in the afternoon session.

Foreign investors continued with their buying trend, as a net inflow of $3.56 million was recorded on Tuesday. Moreover, oil prices went up by nearly 2pc after Saudi Arabia planned to cut production.

The KSE 100 touched its intraday high of 40,839.09 after accumulating 242.81 points. It then moved in the opposite direction to reach its intraday low of 40,484.58 after losing 111.70 points. It finally settled lower by 52.17 points at 40,544.11. The KMI 30 index gathered 3.84 points to end at 68,356.80, whereas the KSE All Share index fell short by 32.75 points, settling at 29,375.37.

Trading volumes declined by 3pc and were logged at 160.24 million. K-Electric Limited (KEL +1.23pc) was in the lead with a volume of 18.09 million, followed by Fauji Cement Company Limited (FCCL +1.66pc) and Worldcall Telecom (WTL -1.27pc) with 13.10 million shares and 12.98 million shares exchanging hands.

Cement sector gathered 0.86pc in its cumulative market capitalization following news of decline in global coal prices. DG Khan Cement Company Limited (DGKC) was up by +4.91pc, Maple Leaf Cement Factory Limited (MLCF) by +3.74pc and Fauji Cement Company Limited (FCCL) by +1.66pc. Lucky Cement Limited (LUCK -0.65pc) on the other hand ended slightly negative.

NetSol Technologies Limited (NETSOL -4.99pc) declared its financial results for the second quarter of Financial Year 2018-19. Sales were up 24pc YoY, while earnings per share improved slightly from Rs5.38 in the same period last year to Rs5.93 in the current year.

Allied Bank Limited (ABL -1.19pc) announced its financial performance for the year ending December 31st 2018. A final cash dividend of Rs2.00 was declared in addition to Rs6.00 already paid. The company’s revenue surged by 12pc YoY, while earnings per share appreciated by 2.33pc (FY17 Rs11.12, FY18 Rs11.38).

On the economic front, the government approved second bailout package of Rs5.2 billion for Pakistan International Airlines Corporation Limited (PIAA +0.42pc) to keep the company afloat.

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