KARACHI: Bearish trend prevailed at the Pakistan Stock Exchange (PSX) on Thursday, as the indices continued to slip amid low volumes. Foreign investors closed as net buyers on Tuesday with a net inflow of $2.35 million.
As per a PSX notification, all trading right entitlement certificate (TREC) holders were directed to comply with the clause pertaining to the execution of blank sale in the deliverable futures contract. Brokers fear that this warning will further reduce market volumes.
Losing 276.22 points, the KSE 100 index benchmark touched its intraday low of 36,508.22. It closed lower by 236.81 points at 36,547.63. The KMI 30 index declined by 362.45 points to end at 58,850.80, while the KSE All Share index fell by 187.08 points, settling at 26,827.13. Out of 312 traded shares, 86 advanced, 207 declined while the value of 19 remained unchanged.
Market volumes remained low and were recorded at 67.92 million, out of which 50.97 million came from the KSE 100 index. Unity Foods Limited (UNITY -6.06pc), Fauji Foods Limited (FFL -4.77pc) and Maple Leaf Cement Factory Limited (MLCF -0.11pc) were the top traded scripts of the day. The scripts had traded 7.04 million shares, 6.98 million shares and 6.54 million shares respectively.
Pakistan International Airlines Corporation Limited (PIAA -9.62pc) has been allowed 14 days (till May 21, 2019) to hold its annual general meeting and submit its annual accounts, as the company had previously failed to do so. If the company remains unsuccessful in rectifying the defaults, trading in the company shares would be suspended on May 22, as mentioned in a notification issued by the exchange.
Frontier Ceramics Limited (FRCL -5.88pc) issued its financials for the third quarter of FY2018-19. Sales increased by 24pc YoY, while earnings per share declined from Rs0.50 in the same period last year to Rs0.02 in the current period. The company’s finance cost increased by 512pc YoY, resulting in a decline in the net profit.
Ishtiaq Textile Mills Limited (ISHT 0.00pc) declared earnings per share of Rs-1.71, Hala Enterprises Limited (HAEL -8.93pc) posted an EPS of Rs0.31, while Worldcall Telecom (WTL -1.94pc) announced an EPS of Rs0.07.