KSE-100 closes flat amid volatile trading

KARACHI: Amidst volatile trading and thin market participation, the Pakistan Stock Exchange (PSX) closed Wednesday’s session flat. Foreign investors closed the previous session as net buyers with a net inflow of $1.68.

As per the State Bank of Pakistan’s data, overseas

Pakistanis remitted $1.65 billion in the month of June 2019 as compared to $2.32
billion in the preceding month, a decline of $665.22 million. However, when
compared to June 2018, the remittances increased by $22.87 million.

The KSE-100 Index touched its intraday high of

33,955.00 soon after the commencement of the session. It then oscillated in
both directions, reaching its day’s low of 33,796.91. The index finally closed
lower by 15.53 points at 33,840.05. The KMI-30 Index declined by 16.42 points to
end at 53,713.88, while the KSE All Share Index settled at 24,795.22 after
losing 10.67 points.

The overall market volumes remained low and

were recorded at 40.61 million (down by 32pc on a daily basis). Dost Steels
Limited (DSL +16.01pc), Quice Food Industries Limited (QUICE +8.57pc) and Maple
Leaf Cement Factory Limited (MLCF +0.73pc) remained the volume leaders. The
scripts had traded 3.50 million shares, 2.53 million shares and 2.48 million
shares respectively.

In a notification sent to the exchange, Engro Corporation Limited (ENGRO +0.59pc) announced that it's sub-subsidiary, Engro Powergen Thar Limited (EPTL), has declared commercial operations date of its 660MW coal-fired power generation project with effect from 10th July 2019.

Furthermore, Sindh Engro Coal Mining Company Limited – Engro Energy Limited’s associated company – has also declared its commercial operations date on 10th July 2019, and it shall start the supply of Thar coal to EPTL for its project.

The automobile assembling sector lost -1.01pc

from its cumulative market capitalization. Sazgar Engineering Works Limited
(SAZEW -4.84pc), Honda Atlas Cars (Pakistan) Limited (HCAR -3.26pc) and
Ghandhara Industries Limited (GHNI -3.39pc) all closed in the red.