PSX turns bearish; index sheds 491 points

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KARACHI: The Pakistan Stock Exchange (PSX) closed the first trading session of Ramzan on a negative note, with the benchmark KSE-100 Index dropping over 600 points intraday amid lack of positive triggers.

“The cement sector took a beating on Monday, mainly due to concerns over the recent increase in its per-bag price,” said an analyst at Arif Habib Ltd. “International crude oil prices also slid by 8.5pc, which kept the E&P stocks under pressure.”

The KSE-100 Index lost 675.30 points in early trade to record its intraday low at 32,131.08. Failing to attract investors, it closed lower by 491.81 points at 32,314.57.

Among other indices, the KMI-30 Index plunged 1,055.94 points to end at 51,328.73, while the KSE All Share Index dropped 266.00 points, settling at 22,853.30. Of the total traded shares, 88 advanced and 173 declined.

The overall market volumes were recorded at 122.28 million, of which 77pc came from the 100 index scrips. Maple Leaf Cement Factory Limited (MLCF -3.42pc), Hascol Petroleum Limited (HASCOL -0.68pc) and DG Khan Cement Company Limited (DGKC -1.80pc) topped the volume chart, exchanging 17.35 million, 7.41 million and 7.01 million shares, respectively.

Sectors that drove the KSE-100 Index south included oil & gas exploration (-88.99 points), cement (-85.38 points), banking (-83.65 points), power generation & distribution (-58.84 points) and oil & gas marketing (-38.31 points). Among the companies, Hub Power Company Limited (HUBC -50.06 points), Mari Petroleum Company Limited (MARI -43.86 points) and Lucky Cement Limited (LUCK -38.36 points) dented the index the most.

On the financial side, Shifa International Hospitals Limited (SHFA +1.62oc) declared earnings per share (EPS) of Rs3.35 for the third quarter of FY20, Kohinoor Textile Mills Limited (KTML -6.74pc) recorded an EPS of Rs1.47 for 3QFY20, while Bank AlFalah Limited (BAFL -3.20pc) posted an EPS of Rs1.59 for 1QFY20.

Similarly, Amreli Steels Limited (ASTL -0.99pc) published an EPS of Rs-1.26 for 3QFY20, Avanceon Limited (AVN +7.50pc) announced an EPS of Rs3.31 for FY19 (along with 10pc bonus shares), whereas Fauji Fertilizer Company Limited (FFC +0.39pc) declared an EPS of Rs3.65 along with an interim cash dividend of Rs2.50.

According to a notification by the exchange, “The first rebalancing of the UBL Pakistan Enterprise Index (UPP9) is due on April 30, 2020. The recomposed index shall be implemented from May 5, 2020, and the revised list will be communicated on May 4, 2020. These stocks shall no longer be available for trading in Odd Lot market.”

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