LAHORE: The Pakistan Stock Exchange (PSX) trailed regional and world markets and put up a weak show on Wednesday. A plunge in the Turkish Lira has set off a selling wave across some markets and left investors cautious in others. Foreign investors ended the session on Monday with a net outflow of $0.41 million with the commercial banking sector and power generation and distribution sector having felt the major hit.
The KSE 100 touched intraday high of 42,852.57 after gaining 214.98 points right after the session started. The index moved downhill and touched intraday low at 269.11 a while before the session ended and settled at 42,446.56 after losing 191.03 points. The KMI 30 depreciated by 413.34 points and concluded the session at 72,644.93. The KSE All Share index lost 98.78 points and settled at 30,723.19. The market volume remained thin and narrowed by 11.10 per cent from the previous session and was recorded at 145.25 million.
Unity Foods Limited (UNITY +4.71 per cent) was the top traded stock with a volume of 8.49 million. Followed by Lotte Chemical Pakistan Limited (LOTCHEM -1.99 per cent) with 8.22 million shares exchanged. Pak Elektron Limited (PAEL -4.29 per cent) was next with 8.20 million shares traded.
The refinery sector gained 0.68 per cent in its cumulative market capitalization. National Refinery Limited (NRL -2.30 per cent) ended the day in red after the announcement of its financial results for the Year Ended June 30 2018. The company declared cash dividend of Rs 10 per share. Sales were up by 27 per cent YoY while earning per share fell by 78 per cent YoY from Rs100.61 to Rs22.14.
While Attock Refinery Limited (ATRL +4.98 per cent) nearly touched its upper-circuit breaker. Byco Petroleum Pakistan Limited (BYCO +0.94 per cent) and Pakistan Refinery Limited (PRL+0.41 per cent) ended the session with negligible gains.
Attock Cement (Pakistan) Limited (ACPL -4.08 per cent) declared its financial performance for the Year Ended June 30 2018. The company declared a cash dividend of Rs8.00 per share along with a bonus issue of 20 per cent. Sales surged up by 15 per cent YoY while earning per share was up by 45 per cent from the last year (FY17 Rs26.49, FY18, Rs38.42).
As relations between the US and Turkey have hit a new low, Pakistan has stepped in to support the latter acknowledging and greatly appreciating its invaluable role in regional and international peace and stability.
The Pakistan Bureau of Statistics (PBS) reported that the country’s exports stood at $1.646 billion against imports of $4.838 billion last month, putting the trade deficit at $3.19 billion, up 0.31 per cent compared with $3.18 billion in the same month of the previous year.
State‐owned Sui Southern Gas Company (SSGC) has lost a case in the International Court of Arbitration against Habibullah Coastal Power Company (HCPC) for failure to provide gas for the power plant in line with an agreement, which will inflict damages of millions of millions of dollars on the government.
The cash strapped Pakistan State Oil (PSO) has written letters to the federal government, saying that it is facing financial difficulties because of its outstanding amounts against power sector, Pakistan International Airlines (PIA) and Sui Northern Gas Pipeline Limited (SNGPL). The amounts have reached Rs330 billion so far.
