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PSX slides 369 points amid lacklustre trading

PSX slides 369 points amid lacklustre trading

ISLAMABAD: The Pakistan Stock Exchange (PSX) ended the first trading session of the week on a negative note, as the indices bled for the most part of the day amidst low market turnover and lack of triggers.

The earnings season also failed to induce any excitement in the investors who preferred to stay on the sidelines on Monday.

Adding 18.82 points, the KSE-100 Index marked its intraday high of 32,122.09. However, it soon fell below the 32,000 mark, touching its intraday low of 31,717.76 after depleting by 385.51 points. The index finally closed lower by 369.04 points at 31,734.23. The KMI-30 Index declined by 624.67 points to end at 49,792.58, while the KSE All Share Index depreciated by 214.64 points, settling at 23,194.83. Out of the total traded shares, 62 advanced, 214 declined while the value of 15 remained unchanged.

Market volumes remained thin and were recorded at 45.79 million. K-Electric Limited (KEL -4.32pc), Maple Leaf Cement Factory Limited (MLCF -5.29pc) and TRG Pakistan Limited (TRG -2.31pc) led the volume chart. The scripts had exchanged 6.26 million shares, 3.68 million shares and 3.55 million shares respectively.

On the market front, Pakistan Oilfields Limited (POL +0.31pc) declared its financial performance for the year ending 30th June 2019. The company declared a final cash dividend of Rs30 in addition to Rs20 already paid. Sales increased by 35pc YoY, while earnings per share appreciated from Rs40.10 in FY18 to Rs59.44 in FY19.

Attock Cement (Pakistan) Limited (ACPL -2.07pc) also released its financial results for the year ending 30th June 2019, along with final cash dividend of Rs4. The company’s revenue rose by 26pc YoY, whereas earnings per share declined from Rs32.02 in the same period last year to Rs15.09.

Lucky Cement Limited (LUCK -1.37pc) posted its financials for FY19, along with a final cash dividend of Rs6.50. Sales increased by 1pc YoY, whereas EPS deteriorated from Rs37.72 in the same period last year to Rs32.44. The company’s cost of sales went up by 11pc which resulted in a decline of 17.5pc in gross profit.

Sanghar Sugar Mills Limited (SANSM 0.00pc) recorded an EPS of Rs-0.26 (3QFY19), Fauji Fertilizer Company Limited (FFC -0.48pc) Rs 4.09 along with Rs2.85 cash dividend (2QFY19), National Refinery Limited (NRL -4.99pc) Rs-108.70 (FY19) and Al-Abbas Sugar Mills Limited (AABS +1.11pc) Rs16.89 with Rs12.50 cash dividend for 3QFY19.