PSX ends red despite late recovery

KARACHI: It was another round of volatile trading at the Pakistan Stock Exchange (PSX) on Thursday, with the indices swinging both ways in search of a clear direction before settling in the red.

Global equity markets also showed a negative pattern; whereas crude oil prices continued with its upward flight; WTI crude price increasing 0.20pc to $40.01 and Brent crude prices rising 0.24pc to $41.88.

“The stock market had a field day, with heavy selling pressure witnessed in cement, exploration & production and banking stocks,” said a report issued by AHL Ltd. “Settlement of rollover trades, apprehensions on rising corona-related cases as well as weak investor sentiment in international markets caused local investors to stay cautious as well.”

The benchmark KSE-100 Index followed a volatile trajectory on Wednesday, recording its intraday high at 41,942.35 (+66.09 points) and intraday low at 41,416.90 (-459.36 points). It finally settled flat (-69.89 points) at 41,806.37.

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Among other indices, the KMI-30 Index lost 108.56 points to end at 66,931.82, while the KSE All Share Index dropped 157.21 points, closing at 29,597.34.

The overall market volumes contracted from 582.79 million shares in the previous session to 434.89 million shares (-25pc). Average traded value, however, increased by 17pc, from $77.6 million to $91 million. K-Electric Limited (KEL -0.71pc), Unity Foods Ltd (UNITY +0.17pc) and Hascol Petroleum Ltd (HASCOL +0.19pc) led the volume chart, exchanging 40.01 million, 33.17 million and 32.11 million shares, respectively.

Sectors that kept the benchmark in the negative territory included oil & gas exploration (-86.29 points), food & personal care (-19.72 points) and power generation & distribution (-15.82 points). Among the companies, Oil and Gas Development Company Ltd (OGDC -48.35 points), Pak Petroleum Ltd (PPL -33.09 points) and TRG Pakistan Ltd (TRG -20.09 points) dented the index the most.

Shedding 2.01pc from its cumulative market capitalization, the oil & gas exploration sector emerged as the session’s top loser, with Oil and Gas Development Company Ltd (OGDC -3.07pc), Pakistan Oilfields Limited (POL -0.39pc) and Pak Petroleum Ltd (PPL -2.31pc) closing in the negative.

On the financial side, Aisha Steel Mills Ltd (ASL +1.63pc) recorded earnings per share of Rs-0.89 for FY20 (Rs0.26 in FY19), Byco Petroleum Pakistan Ltd (BYCO -1.28pc) declared an EPS of Rs-0.46 for FY20 (Rs-0.32 in FY19), Nishat Chunian Power Ltd (NCPL -4.63pc) announced an EPS of Rs12.44 for FY20 (Rs9.30 in FY19), while Ferozsons Laboratories Ltd (FEROZ +7.50pc) posted an EPS of Rs13.11 for FY20 (Rs8.32 in FY19).

Meanwhile, in a notification to the exchange, Descon Oxychem Ltd (DOL +2.33pc) announced that the company has completed its expansion project which would increase current plant capacity by 25pc.

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