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KSE-100 manages to close in green despite early tremors
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KSE-100 manages to close in green despite early tremors

KARACHI: After taking a hammering in the previous session, the Pakistan Stock Exchange (PSX) managed to close Thursday’s session in the green.

Foreign investors offloaded stocks worth $2.07 million in the preceding session after the International Monetary Fund (IMF) forecasts.

According to the latest data released by Pakistan Bureau of Statistics, the country’s trade deficit declined by 13pc from July to March 2018-19 due to the reduction in imports. Although exports dipped by 11pc on YoY basis in March, the trade deficit shrunk from $27.2 billion in the same period last year to $23.7 billion.

Moreover, as per the recent data published by State Bank of Pakistan, overseas Pakistani workers remitted $16.09 billion in the first nine months of the current fiscal year as compared to $14.8 billion in the same period last year (an increase of 8.74pc).

 

The KSE 100 index benchmark, which had dropped to a three-year low level of 36,579.32 in the preceding session, managed to gather 330.71 points to touch an intraday high of 36,910.03. It ended higher by 208.32 points at 36,787.64. The KMI 30 index accumulated 559.28 points to settle at 59,950.23, while the KSE All Share index gained 140.43 points, ending at 27,070.32.

Market volumes witnessed a minor increase and were recorded at 143.80 million. TRG Pakistan Limited (TRG -0.40pc) was the volume leader of the day with 11.86 million shares exchanging hands, followed by Fauji Cement Company Limited (FCCL -3.33pc) and Maple Leaf Cement Factory Limited (MLCF -4.90pc). The scripts had traded 11.56 million shares and 11.41 million shares correspondingly.

According to the recent data declared by the Pakistan Automotive Manufacturers Association (PAMA), auto sales increased by 2pc on a yearly basis and 14pc on a monthly basis in March 2019.

The automobile assembler sector gathered 0.70pc in its cumulative market capitalization on Thursday. Atlas Honda Limited (ATLH) was up by 4.17pc, Pakistan Suzuki Motors Company Limited (PSMC) by +2.43pc and Sazgar Engineering Works Limited (SAZEW) by +2.30pc.

Attock Refinery Limited (ATRL +2.69pc) declared its financials for the third quarter of FY19. The company’s sales surged by 26pc while its earnings per share deteriorated further from Rs-0.58 in the same period last year to Rs-0.98 in the current year.

Attock Cement (Pakistan) Limited (ACPL +4.99pc) and National Refinery Limited (NRL +0.14pc) also announced their financial performance for the third quarter of FY19. The former posted earnings per share of Rs4.07 (3QFY18 Rs4.90), while NRL recorded an EPS of Rs-16.61 (3QFY18 Rs-0.68).