PSX plummets 785 points as geopolitical tensions escalate

KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed bloodshed on Tuesday, as the geopolitical tensions between India and Pakistan kept the market volatile.

The KSE 100 index declined by 880.06 points to touch its intraday low of 38,726.73, before settling lower by 785.12 points at 38,821.67. After declining by -2.66pc, the KMI 30 index touched its day’s low of 65,222.60. The index finally settled down by 1,689.13 points or 2.52pc at 65,268.21. The KSE All Share index depreciated by 450.01 points, ending the day at 28,342.23.

Market volumes improved from 68.07 million in the previous session to 161.77 million. The Bank of Punjab (BOP -3.28pc) was the volume leader of the day with 23.39 million shares exchanging hands, followed by K-Electric Limited (KEL -2.58pc) and Engro Polymer and Chemicals Limited (EPCL +0.16pc). The scripts had traded 8.59 million shares and 7.91 million shares respectively.

The refinery sector (-4.90pc), leasing companies’ sector (-4.27pc), close-end mutual fund sector (-4.24pc), engineering sector (-4.19pc) and investment banking sector (-3.89pc) ended on the losing end.

Agriautos Industries Limited (AGIL +4.98pc) declared its financials for the second quarter of the financial year 2018-19 (2QFY19). The company also declared an interim cash dividend of Rs3 per share. Sales appreciated by 21pc YoY, while earnings per share declined from Rs4.95 in the same period last year to Rs4.46 in the current year.

DG Khan Cement Company Limited (DGKC -3.83pc) announced its financial results for 2QFY19. The company’s revenue went up by 41pc YoY, while earnings per share inched up by 47pc YoY (2QFY18 Rs2.05, 2QFY19 Rs3.02).

Nestle Pakistan Limited (NESTLE -1.16pc) posted its results for the calendar year 2018. A final cash dividend of Rs63 was also declared in addition to Rs185 interim dividend already paid. Revenue increased by 1.9pc YoY only, whereas earnings per share depreciated by 21pc YoY.

Sapphire Textile Mills Limited (SAPT -4.01pc) published its financial performance for 2QFY19. The company’s revenue was up by 19pc YoY, while earnings per share also improved from Rs11.39 in the same period in last year to Rs30.17 in the current period.

- Advertisement -
- Advertisement -

Must Read

Suzuki announces plant closure and price reduction

LAHORE: Pak-Suzuki Motor Company (PSMC) has announced both a temporary shutdown of its car plant and a downward revision of its prices across its...