KSE-100 falls flat amid volatility

KARACHI: The Pakistan Stock Exchange (PSX) started the first session of the week on a positive note but failed to sustain the gains in late hours, closing flat on Monday.

The benchmark KSE-100 Index, which opened the session at 40,971.38, touched its intraday high at 41,295.28 after accumulating 446.75 points. The index then reversed its direction during the final hour and posted its intraday low at 40,815.80. It ended higher by 39.09 points at 40,887.62. The KMI-30 index gained 488.99 points to close at 66,441.83, while the KSE All Share Index managed inched up by 84.27 points, ending at 29,101.84.

Sectors that wiped away gains accumulated in the morning session included banking (-153.45 points), oil and gas exploration (-29.48 points) and transport (-3.58 points). On the other hand, fertiliser sector (+61.57 points), power generation & distribution sector (+44.63 points) and cement sector (+34.07 points) managed to keep the index afloat.

The overall market volumes remained thin and were recorded at 165.83 million, of which 110.68 million came from the KSE-100 scripts. Shares worth Rs6.64 billion were traded on Monday.

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K-Electric Limited (KEL +7.14pc), Unity Foods Limited (UNITY +1.34pc) and Worldcall Telecom (WTL 0.00pc) remained the volume leaders of the day. The scripts had exchanged 19.11 million, 10.74 million and 9.12 million shares, respectively.

Meanwhile, sugar players announced their results for the year ended 30th September 2019. Sanghar Sugar Mills Limited (SANSM 0.00pc) announced earnings per share of Rs-8.28; Al-Abbas Sugar Mills Limited (AABS +4.92pc) posted an EPS of Rs64.05 along with a final cash dividend of Rs30; Mehran Sugar Mills Limited (MRNS +3.75pc) declared an EPS of Rs9.97 along with a final cash dividend of Rs1.00 and 15pc bonus shares; Baba Farid Sugar Mills Limited (BAFS -4.99pc) registered a negative EPS of Rs-72.24.

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