Daily Times

The Pakistan Stock Exchange (PSX) ended a volatile session slightly positive. After depicting relatively high gains throughout the session, the KSE 100 Index took everyone aback as it landed in consolidation after gaining merely 76 points to close at 37,243.20.

The KSE 100 Index recorded its intraday high at 37,507.02 after gathering 340.06 points. It then slid to its intraday low at 37,130.01 after shedding 36.95 points. The index finally settled higher by 76.24 points at 37,243.20. The KMI 30 Index appreciated by 158.71 points to close at 60,732.97, while the KSE All Share Index gained 39.23 points, closing at 26,439.91.

Of the 93 traded companies in the KSE100 Index 49 closed up 43 closed down, while 1 remained unchanged. Total volume traded for the index was 188.71 million shares.

The most points added to the index was by Meezan Bank limited which contributed 26 points followed by Bank Al Habib limited with 22 points, Indus Motor Company Limited with 16 points, Millat Tractors limited with 16 points and DG khan Cement with 12 points.

Sector wise, the index was let down by Oil & Gas Exploration Companies with 33 points, Oil & Gas Marketing Companies with 16 points, Chemical with 15 points, Power Generation & Distribution with 7 points and Insurance with 4 points.

The overall trading volumes surged from 275.31 million in the preceding session to 336.02 million. Maple Leaf Cement Factory Limited Right, The Bank of Punjab and Pak Elektron Limited led the volume chart. The scripts had exchanged 38.60 million shares, 17.65 million shares and 16.33 million shares, respectively.

Honda Atlas Cars (Pakistan) Limited sales dropped by 54pc in second quarter of fiscal year 2020. Gross profit margin improved from 7 %in the last quarter to 10 %. Other income fell 86 % compared to the previous quarter while finance cost surged by 267 %.

Meanwhile, power distribution companies (DISCOs) have requested the National Electric Power Regulatory Authority (NEPRA) to pass on approximately Rs17.2 billion to the already burdened power consumers.

Following the requests of DISCOs to adjust variation in power purchase price (PPP) for the quarter of the fiscal year 2019-20 (July-Sept FY20), NEPRA has decided to conduct a hearing on the matter on 20th November to arrive at a just and informed decision. As per the sources in the power sector, if NEPRA approves the quarterly adjustmensts of DISCOs on account of variation in the power purchase price, then the power consumers will face around Rs17.2 billion worth heavy burden. DISCOs, in their requests, have sought 17-paisa per unit hike in the electricity price, they added.