Stocks lose 101 points in lacklustre trading

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KARACHI: The Pakistan Stock Exchange (PSX) witnessed another lacklustre session on Tuesday, with the indices settling in the red amid low market volume.

On the economic front, the Financial Action Task Force (FATF) has expressed satisfaction over the steps taken by Pakistan to curb terror financing and has demanded the country to further tightens its laws so as to bring individuals involved in money laundering and terror financing to task.

Gaining 323.87 points, the benchmark KSE-100 Index recorded its intraday high at 40,600.80. However, failing to sustain the positive momentum, the index glided to its intraday low at 40,065.86 after losing 211.07 points. It finally closed lower by 101.58 points at 40,175.35.

Among other indices, the KMI-30 Index dropped 137.45 points to end at 63,579.95, while the KSE All Share Index lost 195.59 points, settling at 27,807.10. Out of the total traded shares, 109 advanced and 176 declined.

Sectors responsible for KSE-100’s fall included oil & gas marketing (-47.35 points), tobacco (-37.83 points) and technology & communication (-16.93 points). Among the companies, Pakistan State Oil Company Limited (PSO -43.53 points), Pakistan Tobacco Company Limited (PAKT -37.83 points) and Pak Petroleum Limited (PPL -22.58 points) dented the index the most.

The overall market volumes slipped from 99.97 million in the previous session to 91.64 million. Unity Foods Limited (UNITY +0.58pc), Habib Bank Limited (HBL +1.64pc) and Pakistan State Oil Company Limited (PSO -4.91pc) led the volume chart, exchanging 13.38 million, 5.38 million and 4.61 million shares, respectively.

On the market front, PSO announced its financial results for the second quarter of FY20. The company’s gross profit improved by 37pc YoY, following a 7.10pc increase in its revenue. PSO posted earnings per share of Rs6.19 for 2QFY20 (Rs0.15 in 2QFY19).

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