Daily Times

The stock market recovered from the previous session’s volatility where the KSE 100 Index closed in the green zone with a gain of 175.47 points (0.54 percent) amid high turnover.

The KSE 100 Index started the day in the red zone, shedding 76.74 points to mark an intraday low of 32,002.11. The bourse then propelled and gained 211.54 points to record its intraday high of 32,290.39. It finally clocked at 32,254.32, with 175.47 points higher. The KMI-30 Index gained 394.93 points to end at 51,545.75, while the KSE All Share Index increased by 72.64 points, settling at 23,500.24.

The overall trading volumes were recorded at 180.73 million with shares worth Rs 49.99 million traded on Tuesday. K-Electric Limited (KEL +6.20pc) was the volume leader with 22.89 million shares exchanged, followed by Unity Foods Limited (UNITY +3.96pc) and Fauji Cement Company Limited (FCCL +7.39pc) with 19.43 million shares and 14.73 million shares exchanging hands, respectively.

The cement sector (+64.61 points), power generation and distribution sector (+34.23 points) and banking sector (+31.52 points) helped the index close in the green zone. Among the companies, Lucky Cement Limited (LUCK +20.17 points), Hub Power Company Limited (HUBC 19.05 points) and Fauji Cement Company Limited (FCCL +16.16 points) remained the top positive contributors to the index.

The Power Cement Limited recorded earnings per share of Rs 0.55 for FY19 (Rs 0.32 in FY18), Nishat Chunian Power Limited declared an EPS of Rs 9.30 for FY19 (Rs 9.27 in FY18) and the Searle Company Limited posted an EPS of Rs 12.44 for FY19 (Rs 16.51 in FY18).

The government on Monday announced its decision to keep prices of petroleum products unchanged for October 2019. The Oil and Gas Regulatory Authority (OGRA) recommended a reduction in the fuel prices, with a proposal of a Rs 2.55-a-litre cut in petrol, as per a summary sent to the Petroleum Division. The OGRA recommended the per litre prices of petrol, diesel, and light diesel oil to be reduced by Rs 2.55, Rs 3.23 and Rs 2.41, respectively.

Working of the OGRA shows that the base price of petrol has come down 3 percent to Rs 69.78, dealers’ margin in per litre price of petrol has been cut down from Rs 9.90 to Rs 9.83, while the remaining amount, under the head of additional taxation, has been increased by 6.93 percent. Tax constituent in the petrol price now stands at 30 percent of Rs 113.24 (current rate).

Moreover, as per reports, the government has failed to meet a condition of the International Monetary Fund (IMF) and missed the first-quarter tax target of Rs 1.071 trillion by a wide margin of around Rs 120 billion. The collection for July-Sept was Rs 955 billion (13.5 percent higher than the last year).