PSX ends lower as bearish sentiment persists

KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday was once again under the curse of bears, as investors preferred to stay away from the market owing to lack of positive triggers and volumes.

Selling was witnessed by foreign investors on Monday with a total outflow of $7.31 million.

According to the latest data released by State Bank of Pakistan (SBP), foreign remittances increased by 11.8pc to $14.35 during the first eight months of the current fiscal year from $12.83 billion in the same period last year.

Gathering 106.14 points, the KSE 100 index benchmark touched its intraday high of 39,030.25 soon after the commencement of the session. It then drove in the reverse direction to reach its day’s low of 38,648.12 (down by 275.99 points). It finally settled lower by 27.62 points at 38,896.49. The KMI 30 index gained 195.78 points to close at 64,368.92, while the KSE All Share index managed to gather 4.01 points, ending at 28,512.52.

Trading volumes improved slightly from 67.74 million in the previous session to 89.64 million. The Bank of Punjab (BOP +0.43pc), Worldcall Telecom (WTL -3.70pc) and Dewan Cement Limited (DCL +1.82pc) were the volume leaders for the day. The stocks had 11.62 million shares, 8.82 million shares and 7.93 million shares exchanging hands respectively.

According to the recent data released by Pakistan Automotive Manufacturers Association (PAMA), auto sales declined by 13pc in February 2019 and were recorded at 19,712 units as compared to 22,654 in the same period last year.

Following the news, the automobile assembling sector lost -1.94pc in its cumulative market capitalization. Honda Atlas Cars (Pakistan) Limited (HCAR) was down by 4.40pc, Atlas Honda Limited (ATLH) by -4.60pc and Indus Motor Company Limited (INDU) by -2.43pc, whereas Pakistan Suzuki Motors Company Limited (PSMC +2.19pc) and Hinopak Motors Limited (HINO +0.67pc) ended positive.

The banking sector, largest by market capitalization, chipped off -1.16pc from its total market capitalization. Big players Habib Bank Limited (HBL) and MCB Bank Limited (MCB) were down by 1.49pc and 1.27pc respectively.

Meezan Bank Limited (MEBL -4.99pc) touched its lower lock, while Standard Chartered Bank (Pakistan) Limited (SCBPL -1.03pc) and United Bank Limited (UBL -0.40pc) also ended slightly negative.

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