PSX takes a hammering again

KSE-100 drops 534 points due to FATF confusions

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KARACHI

The Pakistan Stock Exchange (PSX) was surrounded by dark clouds on the last trading session of the week, as investor sentiments were shaken following news reports regarding Pakistan’s position on the Financial Action Task Force (FATF) list. On the economic front, Pakistan’s total foreign exchange reserves dipped slightly to $15.60 million (as on August 17, 2019) from $15,578 million a week earlier.

The KSE-100 Index of the Pakistan Stock Exchange (PSX) on Friday declined on fifth session of the week day session by 534 points and closed at 31,550 point after a sweet and smooth ride in the first four sessions. The Index traded in a range of 866.60 points or 2.72 percent of previous close, showing an intraday high of 32,100.31 and a low of 31,233.71.

Of the 90 traded companies in the KSE100 Index 22 closed up 67 closed down, while 1 remained unchanged. Total volume traded for the index was 174.37 million shares. The most points taken off the index was by HUBC which stripped the index of 62 points followed by HBL with 47 points, PPL with 46 points, FFC with 42 points and UBL with 38 points.

All Share Volume decreased by 30.97 million to 230.73 million Shares. Market Cap decreased by Rs.71.35 billion. Total companies traded were 358 compared to 389 from the previous session. Of the scrips traded 130 closed up, 213 closed down while 15 remained unchanged.

Gaining 216.11 points, the index recorded its intraday high of 32,100.56 soon after the commencement of the session.

The index then drove in the reverse direction, reaching its day’s low at 31,225.06 after shedding 659.39 points. It finally closed lower by 534.44 points at 31,350.01.

The KMI-30 Index dropped 849.18 points to settle at 49,876.08, while the KSE All Share Index lost 258.19 points, ending at 22,940.49. The advancers-to-decliners ratio was recorded at 122-to-177.

The banking sector (-185.35 points), oil and gas exploration sector (-93.52 points) and power generation and distribution sector (-69.99 points) kept the KSE-100 Index in the negative territory. Among the companies, Hub Power Company Limited (HUBC -54.98 points), Fauji Fertilizer Company Limited (FFC -44.73 points) and Habib Bank Limited (HBL -42.38 points) dented the index the most.

The overall trade volumes stood at 230.09 million while weekly average volume was recorded at 174.41 million. Unity Foods Limited (UNITY -2.53pc), Maple Leaf Cement Factory Limited (MLCF -1.63pc) and Pak Elektron Limited (PAEL 1.78pc) led the volume chart on Friday with 18.87 million shares, 16.91 million shares and 15.90 million shares exchanging hands respectively. Pak Elektron Limited (PAEL +1.78pc) declared its financials for the second quarter of FY19. The company’s sales increased by 23pc, while its earnings per share improved from Rs0.15 in 2QFY18 to Rs0.17 in the period under review.

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