KARACHI: Investors of the Pakistan Stock Exchange (PSX) endured another volatile session on Wednesday. Indices that swung in both directions failed to sustain its gains, ending the day in red.
Breaking the buying trend, foreign investors offloaded stocks worth $1.03 million on Tuesday.
As per news reports, the government is planning to introduce another amnesty scheme before the upcoming budget, as stated by the finance minister. The International Monetary Fund (IMF) team is also expected to visit Pakistan in third week of April.
Moreover, the Pakistani Rupee continued with its downward dive, cumulatively dropping by 1.8pc (Rs2.55) against the US Dollar during the last four weeks.
The KSE 100 share index touched its intraday low of 37,855.09 after losing 180.94 points. The index then managed to capture 83.11 points to reach its intraday high of 38,119.14. It settled lower by 13.23 points at 38,022.80. The KMI 30 index gained 329.77 points to end the day at 62,531.07, while the KSE All Share index closed slightly positive at 27,810.40 (up by 36.33 points).
Trading volumes improved by 6pc and were recorded at 153.27 million. Unity Foods Limited (UNITYR1 -1.16pc) led the volume chart with 39.69 million shares exchanging hands. Worldcall Telecom (WTL +2.73pc) and Fauji Cement Company Limited (FCCL +4.47pc) were next in line with 31.44 million shares and 8.41 million shares swapping hands respectively.
The cement sector gathered 1.28pc in its cumulative market capitalization. Fauji Cement Company Limited (FCCL) was up by 4.47pc, Maple Leaf Cement Factory Limited (MLCF) by +2.09pc, D G Khan Cement Company Limited (DGKC) by +1.57pc and Lucky Cement Limited (LUCK) by +1.64pc.
Hascol Petroleum Limited (HASCOL -4.33pc) released its financial performance for FY18. The company declared bonus shares of 10pc in addition to 25pc already issued. Sales improved by 35pc YoY, whereas earnings per share deteriorated from Rs8.56 in the previous year to Rs1.14 in the current year. Distribution and admin expenses surged by 47pc YoY and 44pc YoY respectively. Increased finance cost (127pc) also contributed to the decline in net profit.