KSE-100 loses 417 points amid political uncertainty

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KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed a turbulent session on Tuesday, as the indices, which open positively, turned their path and headed south, following the Supreme Court’s decision regarding the Chief of Army Staff’s extension notification.

Foreign investors offloaded shares worth $0.377 million on Monday.

On the political front, Prime Minister Imran Khan has summoned an emergency meeting of the federal cabinet to discuss the issue regarding the extension in the tenure of COAS General Qamar Javed Bajwa after the SC suspended the notification of his extension.

Meanwhile, Finance Adviser Dr Abdul Hafeez Shaikh, while defending the China-Pakistan Economic Corridor (CPEC), called for a global awareness campaign about the multi-billion dollar programme for its real success.

Also, Pakistan raised 575 million dirhams ($156.56 million) through syndicated financing arranged by Ajman Bank, an Islamic lender based in the United Arab Emirates.

The KSE-100 Index recorded its intraday high at 38,568.05 during the initial trading hours but failed to sustain gains and headed south thereon, marking its intraday low at 37,535.89. It settled lower by 417.23 points at 37,795.05. The KMI-30 Index fell by 634.89 points to end at 61,220.80, while the KSE All Share Index contracted by 257.15 points, settling at 26,805.46.

The overall trading volumes were recorded at 488.70 million (highest since May 24, 2017). Unity Foods Limited (UNITY +7.03pc) led the volume chart, followed by Fauji Foods Limited (FFL +5.72pc) and Pak Elektron Limited (PAEL +2.60pc). The scripts had exchanged 58.08 million, 33.93 million and 29.63 million shares, respectively.

Sectors that contributed negatively to the index included oil and gas exploration (-101.42 points), banking (-95.34 points) and power generation & distribution (-92.35 points). Among the companies, Hub Power Company Limited (HUBC -74.26 points), Oil and Gas Development Company Limited (OGDC -61.27 points) and MCB Bank Limited (MCB -44.82 points) dented the index the most.

The Board of Directors of ICI Omricron BV, in a notification, has announced that it shall consider purchasing all outstanding securities and shares of Akzo Nobel Pakistan Limited (AKZO +4.99pc), without exception from all security holders, to increase ownership and to delist the company.

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