Bears return as KSE-100 sheds 382 points 

KARACHI: Optimistic sentiments at the Pakistan Stock Exchange (PSX) proved to be short-lived as the indices dragged the index below the 34,000 mark on Thursday. Foreign investors offloaded stocks worth $1.83 million on Wednesday.

On the economic front, the International Monetary Fund (IMF) has stated that Pakistan’s public debt may surge to 78.6pc of GDP, which is “not only higher than the previous year but is also violates an act of parliament”.

Moreover, as per media reports, in a meeting between the Commerce Ministry officials and IMF staff, the Fund has stressed the need to simplify Pakistan’s taxation system. The team, however, was satisfied with the reduction in the trade deficit.

Shedding 444.12 points, the KSE-100 Index recorded an intraday low at 33,836.97. It closed lower by 382.53 points at 33,898.56. The KMI-30 Index declined by 657.48 points to settle at 54,200.07, while the KSE All Share Index lost 223.34 points, ending at 24,589.99 points.

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The 100-index’s return for one week was recorded at 1.12pc while its one-month return stood at 6.17pc.

Sectors that kept the index in the red zone included banking (-147.39 points), oil and gas exploration (-87.04 points) and cement (-36.49 points).

The overall trading volumes declined from 151.37 million in the previous session to 137.99 million. Lotte Chemical Pakistan Limited (LOTCHEM +2.09pc) turned out as volume leader with 59.65 million shares exchanging hands, following the announcement of the company’s performance for the third quarter of FY19. An interim cash dividend of Rs1.50 was also declared by the company. It announced earnings per share (EPS) of Rs1.11, while its cumulative EPS for three quarters stood at Rs3.13.

K-Electric Limited (KEL -2.01pc) and TRG Pakistan Limited (TRG +0.31pc) were next on the volume chart. The scripts had exchanged 5.20 million and 4.22 million shares respectively.

Altern Energy Limited (ALTN 0.00pc) announced an EPS of Rs-0.04 for the first quarter of FY20 (Rs0.04 in 1QFY19), Bestway Cement Limited (BWCL -5.00pc) declared an EPS of Rs0.50 (Rs3.79 in 1QFY19), MCB Bank Limited (MCB -0.99pc) posted an EPS of Rs4.74 for 3QFY19 (Rs3.84 in 3QFY18) and Pakistan Tobacco Company Limited (PAKT 0.00pc) announced an EPS of Rs11.48 (Rs11.55 in 3QFY18).

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