KARACHI: Bears continued to dominate the Pakistan Stock Exchange (PSX) on Tuesday, as the indices, which started the day on a positive note, lost their way in the afternoon session and closed in the red.
Foreign investors offloaded shares worth $1.53 million in the previous session (Monday).
The benchmark KSE-100 Index recorded its intraday high at 42,965.41 after gaining 217.78 points. However, the rally was short-lived, as the index drove in reverse direction thereon, shedding 408.84 points to touch its day’s low at 42,965.41. It finally settled lower by 121.15 points at 42,626.48. The KMI-30 Index fell by 0.42pc to end at 68,950.09, while the KSE All Share Index declined by 72.65 points, closing at 29,735.95. A total of 118 shares advanced while 189 declined.
Sectors that painted the KSE-100 Index red included fertiliser (-139.37 points), cement (-14.55 points) and insurance (-7.40 points). Among the companies, Engro Corporation Limited (ENGRO -88.01 points), Engro Fertilizer Limited (EFERT -35.50 points) and Fauji Fertilizer Company Limited (FFC -18.20 points) dented the index the most.
The overall market volumes contracted by 2.02pc and were recorded at 177.56 million. TRG Pakistan Limited (TRG +0.91pc), Byco Petroleum Pakistan Limited (BYCO +6.07pc) and Fauji Fertilizer Bin Qasim Limited (FFBL +3.46pc) led the volume chart, exchanging 17.46 million, 11.18 million and 9.82 million shares, respectively.
National Refinery Limited (NRL -1.25pc) announced a loss for the second quarter of FY20. Although the company’s sales increased by 5pc on a quarterly basis, its cost of sales jumped 11pc, resulting in a massive gross loss of Rs2.34 billion during the period under review. Even the 42.68pc reduction in financial cost and 238.84pc inflation in other income could not the earnings per share from falling to Rs-28.84.
Meanwhile, Attock Cement (Pakistan) Limited (ACPL +1.69pc) posted an EPS of Rs2.95 in the second quarter of FY20 (Rs2.87 in 2QFY19); Attock Refinery Limited (ATRL -3.16pc) reported an EPS of Rs11.74 in 2QFY20 (Rs-27.25 in 2QFY19); while Pakistan Oilfields Limited (POL +0.61pc) announced an EPS of Rs16.07 (Rs14.17 in 2QFY19) along with an interim cash dividend of Rs20.