Bourse turns bearish, sheds 353 points

KARACHI: The Pakistan Stock Exchange retraced its footsteps following a weak finish to the previous session and traded lower throughout Wednesday. The foreign investors settled as net buyers on Tuesday with a net inflow of $1.62 million.

The KSE-100 Index recorded its intraday low of 31,508.75 after shedding 400.17 points. It closed lower by 353.45 points at 31,555.47. The KMI-30 Index lost 915.18 points to end at 49,806.87, while the KSE All Share Index fell short by 191.85 points, settling at 23,123.13.

The overall trading volumes declined from 122.01 million in the preceding session to 99.36 million. Worldcall Telecom (WTL +3.06pc), Pak Elektron Limited (PAEL -1.49pc) and K-Electric Limited (KEL -5.62pc) topped the volume chart. The scripts had traded 10.33 million shares, 8.53 million shares and 8.27 million shares respectively.

According to a notification sent by the exchange, a recomposition of the KSE-100 Index has been carried out which would be effective from October 1, 2019. The companies which would be included in the index are Indus Dyeing Manufacturing Company Limited (IDYM +5.62pc), JDW Sugar Mills Limited (JDWS 0.00pc), Feroze 1888 Mills Limited (FML -0.01pc) and Azgard Nine Limited (ANL +0.38pc).

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Similarly, the companies which would be excluded are Gadoon Textile Mills Limited (GADT -2.33pc), Shakarganj Limited (SML +4.58pc), National Refinery Limited (NRL +1.50pc) and Fauji Foods Limited (FFL -1.12pc).

The Oil and Gas Development Company Limited (OGDC -1.24pc) announced its financial performance for FY19. The company also declared a final cash dividend of Rs2.50 in addition to Rs8.50 already paid. Sales increased by 27.34pc YoY, while earnings per share improved from Rs18.31 in FY18 to Rs27.53 in FY19.

Nishat Power Limited (NPL -2.22pc) also declared its financials for FY19. The company’s sales declined by 7.96pc YoY, while its EPS increased from Rs9.070 to Rs10.646.

Moreover, K-Electric Limited (KEL -5.62pc) released its performance for FY18. The company’s revenue rose by 18.10pc, while its EPS increased from Rs0.38 in FY17 to Rs0.45 in FY18.

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