KARACHI: Bears tightened their grip on the Pakistan Stock Exchange (PSX) as soon as the session commenced on Monday. Indices kept shedding gains all day long while the investors preferred to stay on the sidelines.
Foreign investors, on the other hand, closed the preceding week as net buyers with a net inflow of $0.539 million.
On the economic front, Pak Rupee lost its value against the US Dollar and closed at a new low of Rs143.50 in the open market. As per reports, the Pakistani rupee is expected to decline further by the time Pakistan inks loan agreement with International Monetary Fund (IMF).
The KSE 100 index benchmark lost 438.26 points to touch its intraday low of 38,211.08. It ended lower by 294.49 points at 38,354.85. The KMI 30 index declined by -1.10pc to reach its day’s low of 62,626.51. The index settled after depleting by 603.72 points at 62,710.27. The KSE All Share index fell short by 264.17 points to close at 28,015.15.
The overall market volume declined significantly and was recorded at 65.86 million, out of which 39.70 million came from the KSE 100 index benchmark. Unity Foods Limited’s Right Shares (UNITYR1 -5.95pc) managed to hold its position as the volume leader with 14.22 million shares exchanging hands. The Bank of Punjab (BOP -0.46pc) and Sui Northern Gas Pipe Line Limited (SNGP +0.21pc) also scored positions on the volume chart with 5.43 million shares and 4.53 million shares swapping hands respectively.
The government increased the prices of all petroleum products by up to 6.45pc for the month of April. The prices of petrol and diesel surged by Rs6 per litre, while that of kerosene and light diesel went up by 3pc.
Following the government’s decision, the oil and gas marketing sector lost 0.90pc from its cumulative market capitalization. Hascol Petroleum Limited (HASCOL) was down by 2.46pc, Sui Southern Gas Company Limited (SSGC) by 1.83pc and Pakistan State Oil Company Limited (PSO) by -1.49pc.
Fatima Fertilizer Company Limited (FATIMA -3.83pc) released its financial performance for FY18. A final cash dividend of Rs1.75 was also declared by the management. The company’s sales increased by 22pc YoY, while the earnings per share also improved by 25pc YoY (FY17 Rs5.04, FY18 Rs6.32.)
