KARACHI: After a positive start to the trading session, the Pakistan Stock Exchange (PSX) once again fell under the radar of bears, as the indices failed to recover the losses accumulated in the previous session and closed in the negative zone on Wednesday.
Foreign investors offloaded equities worth $3.87 million on Tuesday with major selling witnessed in the cement sector ($1.05 million).
Gathering 130.30 points, the KSE-100 Index recorded its intraday high at 42,429.49. However, failing to sustain the gains, the index then took a sharp turn and recorded its intraday low at 41,790.81 after losing 508.38 points. It settled lower by 400.49 points at 41,898.70. The KMI-30 Index declined by 608.22 points or 0.89pc to end at 67,522.53, while the KSE All Share Index lost 210.55 points, closing at 29,135.35. The advancers to decliners ratio stood at 97 to 220.
The overall volumes inched up by 4.23pc and were recorded at 197.01 million. Out of total traded shares, 127.06 million belonged to KSE-100 Index. Worldcall Telecom (WTL -6.03pc) led the volume chart, followed by Hascol Petroleum Limited (HASCOL -2.04pc) and Maple Leaf Cement Factory Limited (MLCF -3.24pc). The scripts had exchanged 22.72 million, 17.87 million and 10.85 million shares, respectively.
Sectors that dragged the KSE-100 Index lower included banking (-147.63 points), cement (-68.58 points) and fertiliser (-53.47 points). Among the companies, Habib Bank Limited (HBL -61.75 points), MCB Bank Limited (MCB -43.65 points) and Lucky Cement Limited (LUCK -38.17 points) dented the index the most.
The cement sector lost 2.47pc from its cumulative market capitalization, with D G Khan Cement Company Limited (DGKC -2.73pc), Maple Leaf Cement Factory Limited (MLCF -3.24pc), Bestway Cement Limited (BWCL -2.20pc) and Lucky Cement Limited (LUCK -2.75pc) closing in the red.
On the market front, Fauji Fertilizer Bin Qasim Limited (FFBL -3.41pc) reported its financial performance for FY19. Despite 8.66pc YoY increase in sales, the company’s gross profit declined by 28pc as cost of sales went up by 14pc. The company’s financial cost inflated by 134pc YoY which resulted in the earnings per share deteriorating from Rs1.54 to Rs-6.34.
Meanwhile, Century Paper & Board (CEPB +5.50pc) announced an EPS of Rs3.08 for the second quarter of FY20 (Rs1.86 in 2QFY19), while Bank AL Habib Limited (BAHL +0.73pc) declared an EPS of Rs10.05 for FY19 (Rs7.57 in FY18).
