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PSX lands in red, sheds huge 630pts

PSX lands in red, sheds huge 630pts

KARACHI: The Pakistan Stock Exchange on Tuesday again closed in red as the benchmark KSE 100 index declined by 630.52 points or 1.67 per cent to settle at 37,714.90.

On the economic front, Prime Minister Imran Khan is currently visiting Saudi Arabia to attend an investment conference ‘Davos in the Desert’. Moreover, the Asian Infrastructure Investment Bank has lent Pakistan a loan of $37 million and a grant of $12 million for green financing.

The KSE 100 index declined by 762.73 points to touch intraday low of 37,582.69; however, it then settled at 37,714.90 after losing 630.52 points. The index is 4 per cent away from its 52-week low that was recorded earlier this month. The KMI 30 index depreciated by 1,071.66 points and closed the day at 63,830.29, while the KSE All Share Index dropped by 1.36 per cent to settle at 27,990.72.

Trading volumes declined from 235.36 million in the preceding session to 223.94 million. The Bank of Punjab (BOP -5.00) led the volume chart with 22.98 million shares exchanging hands. It was followed by Pak Elektron Limited (PAEL +1.09 per cent) with 18.56 million shares. Next in line was Lotte Chemical Pakistan Limited (LOTCHEM +5.81 per cent) with 15.18 million shares.

Pakistan Suzuki Motors Company Limited (PSMC -5.00 per cent) announced its financial performance for the third quarter of 2018. Sales surged up by 14 per cent quarter on quarter (QoQ) owing to higher prices while the gross profit and net profit margins declined by 34 per cent and 91 per cent QoQ due to currency depreciation of 18 per cent, which was not passed on to consumers. The earning per share deteriorated from Rs13.43 in in the same period last year to Rs1.15 in the current year.

Kot Addu Power Company Limited (KAPCO +1.42 per cent) declared its financial results for the first quarter of Financial Year 2018-19 (1QFY19). Sales appreciated by 46 per cent QoQ. The increase in sales was a result of increase in dispatches by 11 per cent YoY and higher level of RNLG-based generation. Gross profit margins declined by 5 per cent QoQ owing to higher operation and maintenance cost. The earning per share improved from Rs2.48 in the same period last year to Rs3.54 in the current year.

Nestle Pakistan Limited (NESTLE 0.00 per cent) released its financial results for the third quarter of 2018. The company declared an interim cash dividend of Rs75.00 in addition to Rs110.00 already paid. Sales dropped by 3 per cent QoQ, whereas the earning per share depreciated by 30 per cent QoQ (3QFY17 Rs74.93, 3QFY18 Rs52.24).