- Power generation and distribution sector lost 2.29pc from its cumulative market capitalisation following the announcement of power tariff increase
KARACHI: The Pakistan Stock Exchange (PSX) remained under the control of bears on Thursday, as the indices failed to sustain gains accumulated in the previous session to close in red. Foreign investors continued with their buying trend with a net inflow of $0.75 million on Wednesday.
The KSE 100 index benchmark touched its intraday low of 39,882.23 after shedding 397.15 points. It settled lower by 208.67 points at 40,070.71. Meanwhile, the KMI 30 index lost 420.06 points early in the day before settling lower by 240.99 at 67,567.57. Moreover, the KSE All Share index fell short by 83.85 points to end at 29,019.68. Out of total traded scripts, 108 advanced, 181 declined while the value of 30 remained unchanged.
Trading volumes declined from 132.09 million in the preceding session to 102.63 million. Unity Foods Limited (UNTIY -4.96pc) led the volume chart with 10.03 million shares exchanging hands, followed by K-Electric Limited (KEL -1.10pc) and United Bank Limited (UBL -5.00pc). The scripts had 6.06 million shares and 5.07 million shares swapping hands respectively.
The power generation and distribution sector lost -2.29pc from its cumulative market capitalization following the announcement of an increase in the power tariff by Rs1.80 per unit by the National Electric Power Regulatory Authority (NEPRA). Kot Addu Power Company Limited (KAPCO -4.99pc) touched its lower lock, while Hub Power Company Limited (HUBC) was down by -4.18, K-Electric Limited (KEL) by -1.10pc and Nishat Chunian Power Limited (NCPL) by -2.46pc.
Sazgar Engineering Works Limited (SAZEW -3.67pc) declared its financial performance for the second quarter of the financial year 2018-19 (2QFY19). Sales declined by 37pc YoY, while earnings per share deteriorated from Rs2.16 in the same period last year to Rs0.15 in the current period.
Hub Power Company Limited (HUBC -4.18pc) also announced its financial results for 2QFY19. Turnover depreciated by 62pc YoY, while the company’s earnings per share declined from Rs1.68 in the same period last year to Rs1.33.
Meezan Bank Limited (MEBL +1.10pc) released its financial performance for the calendar year 2018. A final cash dividend of Rs2 was announced in addition to an interim dividend of Rs1.50 already paid. The company’s revenue appreciated by 33pc YoY, while its earnings per share improved from Rs5.56 in the same period last year to Rs7.67 in the current year.
