KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed a turbulent start to the week, as the indices kept trading in the red zone with the KSE-100 Index breaking the 31,000 level once again.
Despite the 9pc bull-run, the foreign investors closed the previous week as net sellers with a net outflow of $4.97 million.
On the economic front, the Prime Minister Office has directed the Ministry of Finance and the Federal Board of Revenue to submit a report based on the data analysis by the National Database and Registration Authority for an amnesty scheme-like plan for citizens who do not pay tax or pay less tax.
Meanwhile, the investors withdrew Rs65 billion out of total stock of Rs259 billion investment from the Central Directorate of National Savings (CDNS) following the government’s decision to discontinue the Rs40,000 prize bonds.
Moreover, US President Donald Trump has said that India and Pakistan could handle their dispute over occupied Kashmir on their own, but he was there should there be a need for help.
Shedding 939.48 points, the KSE-100 Index recorded its intraday low of 30,410.54, falling below the 31,000 mark. The index ended lower by 829.42 points or 2.72pc at 30,520.60. The KMI-30 Index declined by 1,945.04 points or 3.90pc to settle at 47,931.04, while the KSE All Share Index fell by 408.48 points, closing at 22,532.01.
The oil and gas exploration sector (-207.94 points), banking sector (-141.89 points) and fertilizer sector (-117.88 points) caused the most damage to the index.
The Oil and Gas Development Company Limited (OGDC -84.37 points), Pak Petroleum Limited (PPL -69.76 points) and Engro Corporation Limited (ENGRO -67.50 points) remained the top companies in terms of negative contributions.
The overall volumes were recorded at 122.08 million. Lotte Chemical Pakistan Limited (LOTCHEM +1.41pc) led the volume chart as the company declared its financials for the second quarter of FY19. The company’s sales increased by 28pc YoY, while its earnings per share improved from Rs0.65 in 2QFY18 to Rs1.17 in the current period.
The Bank of Punjab (BOP -6.04pc) and Maple Leaf Cement Factory Limited (MLCF -5.01pc) also managed to score positions among the volume leaders. The scripts had exchanged 6.98 million shares and 6.61 million shares respectively.
Nestle Pakistan Limited (NESTLE -0.34pc) declared its financial performance for the second quarter of FY19 along with an interim cash dividend of Rs90 per share. Sales declined by 6pc YoY, while earnings per share depreciated from Rs64.57 in the same period last year to Rs48.46 in current period (a decline of 25pc YoY).
