Stocks shed 272 points in volatile session

KSE-100's weekly return stood at -2.35pc, whereas its monthly return clocked in at 2.20pc

KARACHI: The Pakistan Stock Exchange (PSX) experienced a roller-coaster ride on the last trading session of the week, as the indices failed to sustain gains accumulated earlier in the day and closed in the red zone.

The benchmark KSE-100 Index’s one-month return was recorded at 2.20pc, whereas its one-week return clocked in at -2.35pc.

Foreign investors offloaded equities worth $1.81 million on Thursday with major selling witnessed in the banking ($0.757 million) and cement ($0.647 million) sectors.

The benchmark KSE-100 Index opened the day on a positive note, posting its intraday high at 42,137.40 after gaining 233.89 points. However, it soon lost control of proceedings, landing to its intraday low at 41,558.74 after dropping 344.77 points. The index finally settled lower by 272.57 points at 41,630.94.

Among other indices, the KMI-30 Index declined by 603.98 points or -0.89pc to close at 67,075.02, while the KSE All Share Index depreciated by 55.99 points, ending at 29,067.54.

The overall trading volumes were recorded at 193.42 million. Unity Foods Limited (UNITY +1.01pc) turned out to be the volume leader of the day, followed by Hascol Petroleum Limited (HASCOL +4.51pc) and TRG Pakistan Limited (TRG +0.45pc). The scripts had exchanged 24.03 million, 23.55 million and 12.42 million shares, respectively.

Sectors that painted the index red included banking (-120.41 points), oil & gas exploration (-100.22 points) and cement (-46.47 points). Among the companies, Pak Petroleum Limited (PPL -38.16 points), United Bank Limited (UBL -30.84 points) and Lucky Cement Limited (LUCK -29.64 points) dented the index the most.

Pakistan Refinery Limited (PRL -2.91pc) announced its financial performance for the second quarter of FY20. The company’s revenue shrunk by 22pc YoY which resulted in a gross loss of Rs-1.14 billion. As the company’s “other income” increased by 99pc YoY, its loss per share reduced from Rs-8.42 to Rs-6.06.

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