Karachi: The Pakistan Stock Exchange (PSX) witnessed a dull and gloomy session after the business hub of the country was submerged in water. Volumes sunk as the city faced power outages. mobile signal disruption, and the government announced a province wide holiday.
Global equity markets showed mixed performance. Crude oil prices continued to decline with WTI crude oil price declining by 0.07% to $43.01 while Brent crude oil price fell by 0.24pc to $45.49.
On the economic front, according to latest figures released by the State Bank of Pakistan, total liquid foreign exchange reserves inched up by 0.33% to USD 19,722 mn. Net reserves with State Bank increased slightly by 33 mn to USD 12,641 mn. Net reserves with Banks increased by 0.50% to USD 7,082mn. On MTD basis the reserves increased by 0.63%.
Trading remained range-bound, and the KSE 100 index traded in a narrow band of only 170pts, +82.89pts and -87.90pts. It closed flat by -25.72 pts at 41,056.22. The KMI 30 index lost 266.06 pts ending day at 65,322.37. While the KSE All Share index inched up by 30.48 pts settling at 28,807.84.
Overall market volumes declined from 544.63 million shares to 238.52 million shares. TRG Pakistan Limited (TRG +4.39%), Pakistan Refinery Limited (PRL +4.26%) and Hascol Petroleum Limited (HASCOL +0.42%) led the volume chart. The scrips had 26.25 million shares, 15.28 million shares and 11.60 million shares traded respectively.
Sectors that helped the benchmark KSE 100 index close with minor gains included Technology and Communication sector (48.25 pts), Chemical sector (21.82 pts) and Pharmaceutical sector (12.72 pts). TRG Pakistan Limited (TRG 39.51 pts), Colgate – Palmolive (Pakistan) Limited (COLG 34.52 pts) and Abbot Laboratories (Pakistan) Limited (ABOT 30.07 pts) were volume leaders of the day.
The Technology and Communication sector gained 2.61% in its cumulative market capitalization. Pakistan Telecommunication Company Limited (PTC 3.24%), Systems Limited (SYS 3.26%) and TRG Pakistan Limited (TRG 4.39%) all ended in green.
Pakistan Refinery Limited (PRL +4.26%) in a notification announced that it has temporarily suspended refinery operations due to heavy rain and flooding.
Abbot Laboratories (Pakistan) Limited (ABOT +7.50%) announced its financial performance for 2QFY20. The company’s EPS surged from Rs 1.83 in SPLY to Rs 12.85. An interim cash dividend of Rs 15 was also declared. International Industries Limited (INIL +1.21%) declared an EPS of Rs -5.26 for FY20 as compared to Rs 11.94 in FY19. Crescent Steel & Allied Products Limited (CSAP +7.49%) reported an EPS of Rs -0.22 for FY20 as compared to Rs 1.85 in FY19.
