PSX closes 128 points lower as Pak-India tensions soar

  • The index lost over 1,500 points in intraday trading

KARACHI: Trade floors turned red on Wednesday as tensions between India and Pakistan escalated, causing the index to lose over 1,500 points in intraday trading. Investors continued to offload since the beginning of the session.

The KSE 100 index declined by 3.99pc to reach its intraday low of 37,330.38. The index then recovered significantly to touch its day’s high of 38,857.90. It finally settled lower by 128.98 points at 38,692.69. The KMI 30 index lost 301.03 points to close at 64,967.18, while the KSE All Share index declined by 155.26 points, ending the session at 28,245.41. Out of total traded shares, 67 advanced, 272 declined while the value of eight remained unchanged.

Market volumes increased by 69pc and were recorded at 273.69 million. The Bank of Punjab (BOP -1.13pc) led the volume chart with 35.08 million exchanging hands, followed by K-Electric Limited (KEL -2.81pc) and Fauji Cement Company Limited (FCCL -2.67pc) with 19.82 million shares and 12.13 million shares swapping hands respectively.

Standard Chartered Bank (Pakistan) Limited (SCBPL -0.12pc) declared its financial performance for FY18. The company also announced a final cash dividend of Rs1.5 in addition to an interim dividend of Rs0.75 already paid. The company’s revenue increased by 16pc YoY, while its earnings per share appreciated from Rs2.13 last year to Rs2.90 in the current year.

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Akzo Nobel Pakistan Limited (AKZO -3.42pc) released its financial results for FY18. An interim dividend of Rs5 was also declared by the company. Sales increased by 2.5pc YoY, whereas earnings per share declined from Rs12.34 in the preceding year to Rs8.34 in the current year.

Nishat Chunian Power Limited (NCPL +3.70pc) announced its results for the second quarter of FY19. The company also announced interim dividend of Rs1.00 along with its performance. Sales declined by 12pc YoY, whereas earnings per share improved from Rs2.312 in the same period last year to Rs2.605.

Unity Foods Limited (UNITY -5.19pc) posted earnings per share of Rs0.21 (increased from Rs-0.59 in the same period last year). Ghani Automobile Industries Limited (GAIL -11.00pc) announced earnings per share of Rs-0.25 (down by 126pc YoY), while Loads Limited (LOADS -3.51pc) published an EPS of Rs-0.15 (Rs0.32 in the same period last year).

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