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Pakistan Stock Exchange sheds 120 points amid range-bound trading
A man takes a nap on a couch under an electronic board displaying share prices during trading session at the Karachi Stock Exchange April 2, 2014. REUTERS/Akhtar Soomro/File Photo

Pakistan Stock Exchange sheds 120 points amid range-bound trading

KARACHI: Pakistan Stock Exchange (PSX) witnessed a nervous session where the indices traded within a narrow range while volumes declined further. Foreign investors continued to follow their selling trend on Wednesday and offloaded equities worth a net of $1.73 million.

As per reports, Pakistan has not been successful in securing $3.2 billion oil on deferred payments facility from the United Arab Emirates, which may have an impact on the country’s foreign currency reserves. The finance minister also told a news agency that the oil facility might not materialise.

Moreover, International Monetary Fund (IMF) representative Teresa Daban Sanchez, during her visit to Faisalabad Chamber of Commerce and Industry (FCCI), said that negotiations with Pakistan are heading towards a successful programme.

The KSE 100 index travelled north to reach an intraday high of 38,999.39 after gathering 70.46 points. The index then lost its momentum and drove in reverse direction, touching an intra-day low of 38,751.60 (down by 177.33 points). It finally closed lower by 120.32 points at 38,808.61. The KMI 30 index declined by 425.78 points to settle at 63,907.82, whereas the KSE All Share index was down by 89.71 points, ending at 28,437.39. The advancers to decliners ratio stood at 110 to 193.

The overall market volumes declined from 93.54 million in the previous session to 85.87 million. The Bank of Punjab (BOP -0.28pc), Unity Foods Limited (UNITY +7.59pc) and Oil and Gas Development Company Limited (OGDC -1.43pc) led the volume chart. The scripts had exchanged 18.46 million shares, 11.78 million shares and 4.72 million shares respectively.

The cement sector lost 1.76pc from its cumulative market capitalization. D G Khan Cement Company Limited (DGKC) was down by 2.00pc, Maple Leaf Cement Factory Limited (MLCF) by -2.27pc, Lucky Cement Limited (LUCK) by -1.56pc and Bestway Cement Limited (BWCL) by -2.18pc.

KSB Pumps Company Limited (KSBP -3.60pc) declared its financial results for FY18. The company also announced a final cash dividend of Rs3.00 per share. Sales declined by 3pc YoY, while cost of sales increased by 8pc, resulting in 42pc decline in gross profit. The company’s earnings per share also deteriorated to Rs14.85 in FY18 from Rs30.01 in FY17.