Stocks finish flat amid volatility

KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed a jittery session on Wednesday, as the indices that opened positively declined by midday but later managed to recover losses to end the day flat.

According to the latest data released by the Pakistan Bureau of Statistics (PBS), the country’s services exports dipped by 4.64pc in July-May 2018-19 to $434.08 million, as compared to $455.19 million in the same period last year. On the other hand, imports declined by 14.45pc to $8.83 billion in July-May FY19, as compared to $10.33 billion in the same period of FY18.

Gaining 409.30 points, the KSE-100 Index benchmark marked its intraday high of 33,381.32. After oscillating in both directions, the index touched its intraday low of 32,835.05, down by 136.97 points. It finally closed higher by 9.97 points at 32,981.99. The KMI-30 Index declined by 26.06 points to settle at 51,712.13, while the KSE All Share Index managed to add 27.07 points, ending at 24,226.72. Out of the total traded scripts, 134 advanced and 144 declined.

The market volumes declined from 138.73 million in the last session to 111.56 million. Maple Leaf Cement Factory Limited (MLCF 0.00pc) topped the volume chart with 16.62 million shares exchanging hands, followed by TRG Pakistan Limited (TRG -4.55pc) and Lotte Chemical Pakistan Limited (LOTCHEM +5.62pc). The scripts had traded 10.81 million shares and 8.18 million shares respectively.

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The automobile assembling sector lost 2.26pc from its cumulative market capitalization. Indus Motor Company Limited (INDU -4.22pc), Honda Atlas Cars (Pakistan) Limited (HCAR -4.75pc) and Pakistan Suzuki Motors Company Limited (PSMC -1.61pc) all closed in the negative zone.

The cement sector lost 0.74pc from its total market capitalization. Bestway Cement Limited (BWCL -4.81pc) ended in the red, whereas Pioneer Cement Limited (PIOC +1.42pc), Kohat Cement Company Limited (KOHC +1.43pc) and Gharibwal Cement Limited (GWLC +3.58pc) closed in the green.

Pakistan Telecommunication Company Limited (PTC +0.39pc) declared its financial results for the second quarter of FY19. Sales declined by 0.92pc on a yearly basis, while earnings per share depreciated from Rs0.36 in 2QFY18 to Rs0.35 in 2QFY19.

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