Bearish spell continues as KSE-100 loses 212 points

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KARACHI: Bears further tightened their grip around the Pakistan Stock Exchange on Friday, as the indices failed to sustain gains accumulated early in the day and closed the session in the red zone.

Foreign investors continued to offload equities on Thursday, registering a net outflow of $3.69 million.

According to latest data published by the State Bank of Pakistan, the country’s total liquid foreign exchange reserves increased by $90 million to $18,735 million (as on February 7, 2020). The reserves previously stood at $18,645 million (January 31). Net reserves with SBP inched up by 1.28pc while net reserves with banks fell by -1.04pc on a weekly basis.

Gaining 147.72 points, the KSE-100 Index touched its intraday high at 40,603.16. It then slid by 361.15 points to touch its day’s low at 40,094.29. The index settled lower by 212.18 points at 40,243.26.

Among other indices, the KMI-30 Index declined by 570.40 points to end at 64,061.53, while the KSE All Share Index depreciated by 240.34 points, closing at 28,015.75. Out of the total traded shares, 86 advanced and 193 declined.

Sectors that drove the index south included oil & gas exploration (-47.27 points), tobacco (-37.25 points) and investment banking (-30.28 points). Among the companies, Pakistan Tobacco Company Limited (PAKT -37.25 points), Dawood Hercules Corporation Limited (DAWH -28.70 points) and Pakistan Oilfields Limited (-19.19 points) dented the index the most.

The overall trading volumes shrank from 197.44 million in the previous session to 117.60 million. Pakistan International Bulk Terminal Limited (PIBTL +1.17pc), Lotte Chemical Pakistan Limited (LOTCHEM -4.17pc) and Hascol Petroleum Limited (HASCOL -2.83pc) remained the volume leader of the day. The scripts had exchanged 17.54 million, 13.14 million and 9.07 million shares, respectively.

On the market front, Lotte Chemical Pakistan Limited (LOTCHEM -4.17pc) declared its financial performance for the second quarter of FY20. The company’s revenue increased by 5.47pc to Rs60.54 billion. Its earnings per share increased from Rs2.93 in FY18 to Rs3.66 in FY19.

Bank Alfalah Limited (BAFL -1.65pc) posted an EPS of Rs7.15 for FY19 (Rs5.99 in FY18), while Nishat Mills Limited (NML -2.15pc) recorded an EPS of Rs2.75 (Rs5.97 in FY18).

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