PSX fails to sustain gains, ends 239 points lower

KARACHI: After a positive start to the week, the Pakistan Stock Exchange was once again in the red zone, as indices failed to sustain gains amid low volumes. Foreign investors were net sellers of $0.256 million worth of shares on Monday.

As per news reports, International Monetary Fund (IMF) mission chief Ernesto Ramirez Rigo is expected to arrive in Pakistan on 26th March. The finance minister has stated that talks regarding the IMF bailout package are in the final stage as misunderstandings between the country and fund have decreased.

The KSE 100 index benchmark reached its intraday high of 39,011.54 minutes after the commencement of the session. The index then lost its momentum to touch its intraday low of 38,528.11. It finally settled lower by 239.58 points at 38,612.37. Shedding 489.67 points, the KMI 30 index closed at 63,111.36, while the KSE All Share index declined by 84.46 points, ending at 28,314.32.

Market volumes declined from 99.54 million in the previous session to 70.81 million. Pak Elektron Limited (PAEL +3.02pc), The Bank of Punjab (BOP -0.07pc) and TRG Pakistan Limited (TRG -0.71pc) topped the volume chart. The scripts had traded 15.63 million shares, 6.25 million shares and 3.52 million shares respectively.

The cement sector chipped off -1.47pc from its cumulative market capitalization. Maple Leaf Cement Factory Limited (MLCF) was down by 3.78pc, Lucky Cement Limited (LUCK) by -2.12pc and D G Khan Cement Company Limited (DGKC) by -2.44pc. Fauji Cement Company Limited (FCCL -2.78pc) and Cherat Cement Company Limited (CHCC -1.45pc) also closed negative.

The refinery sector lost 1.64pc from its total market capitalization. Byco Petroleum Pakistan Limited (BYCO -2.21pc), Attock Refinery Limited (ATRL -2.18pc) and Pakistan Refinery Limited (PRL -1.54pc) also ended in red.

Pakistan Oxygen Limited (PAKOXY +4.99pc) released its financial results for FY18. A final cash dividend of Rs2 and bonus shares of 30pc was announced in addition to Rs5 already paid. Sales declined by 10pc YoY, whereas earnings per share inched up by 66pc YoY.

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