KARACHI: The investors of Pakistan Stock Exchange (PSX) witnessed another bumpy session on Friday, as the indices kept oscillating in both directions before closing in red.
As per the report published by Financial Action Task Force’s (FATF), Pakistan has made “limited” progress in curbing money laundering and terror financing, and the country was asked to complete its action plan swiftly.
On the economic front, foreign exchange reserves held by State Bank of Pakistan dropped by 1.98pc on a weekly basis and were recorded at $8.04 billion. Moreover, Pakistan’s current account deficit fell by a massive 48pc in January 2019 to $809 million as compared to $1.54 billion in December 2018.
The KSE 100 index benchmark reached its intraday high of 40,082.21 after accumulating 11.50 points early in the day. The index then failed to hold on to its gains and fell by 270.78 points, touching its intraday low of 39,799.93. It finally settled lower by 54.58 points at 40,016.13.
The KMI 30 index fell short by 38.99 points, while the KSE All Share index was down by 2.90 points to end the day at 29,016.78.
Market volumes declined from 102.63 million in the previous session to 98.66 million. The Bank of Punjab (BOP -0.52pc) led the volume chart with 7.35 million shares exchanging hands, followed by Pak Elektron Limited (PAEL -0.47pc) with 5.63 million shares swapping hands.
Oil and Gas Development Company Limited (OGDC +0.77pc) was also among the volume leaders with 4.23 million shares, following the announcement of its financial performance for the second quarter of the financial year 2018-19. An interim dividend of Rs3 also declared by the company. Sales appreciated by 32pc YoY, while earnings per share increased from Rs8.53 in the same period last year to Rs13.20 in the current year.
Pakistan Tobacco Company Limited (PAKT -4.17pc) announced its financial results for the calendar year 2018. A final cash dividend of Rs22 was declared by the company in addition to Rs17 already paid. Sales increased by 23pc YoY, while the company’s earnings per share also improved from Rs37.47 in the previous year to Rs40.46 in the current year.
