The benchmark index remained in the red throughout the day, losing two psychological limits of 41,000 and then 40,000 points. The KSE-100 registered its intraday low at 39,275.43 after losing 1,911.43 points. It closed lower by 1,298.86 points at 39,888.00. On a month-on-month basis, the benchmark index witnesses a fall of 1.63pc in its value when compared with September 2020.
Among other indices, the KMI-30 Index plunged 2,201.68 points to end at 63,496.69, while the KSE All Share Index dropped 790.57 points, settling at 28,185.56.
According to a daily report of Arif Habib Limited, an increase in coronavirus cases, imposition of partial lockdown, end of rollover week as well as results’ season, and global sell-off in stock and commodity markets were enough for the PSX to lose around 2,000 intraday. Selling pressure was evident across the board, particularly in exploration & production and banking stocks; price levels were seen near or at lower circuits, said the report.
The overall market volumes surged from 368.42 million shares in the previous session to 541.19 million shares (+47 percent). Average traded value also increased by 34 percent, from $94.5 million to $126.9 million. Unity Foods Ltd (UNTIY -1.17 percent), Maple Leaf Cement Factory Ltd (MLCF -0.84 percent) and Pakistan International Bulk Terminal Ltd (PIBTL -5.88 percent) led the volume chart, exchanging 60.52 million, 39.11 million and 38.64 million shares, respectively.
Sectors that drove the benchmark index south included banking (-245.49 points), oil & gas exploration (-198.01 points) and fertilizer (-131.36 points). Among the companies, Pak Petroleum Ltd (PPL -67.32 points), Engro Corporation Ltd (ENGRO -65.97 points) and Pakistan Oilfields Ltd (POL -65.41 points) dented the index the most.
Shedding 6.75pc from its cumulative market capitalization, the refinery sector ended as session top loser, with Attock Refinery Ltd (ATRL -7.33 percent), National Refinery Ltd (NRL -6.07 percent), Pakistan Refinery Ltd (PRL -7.37 percent) and Byco Petroleum Pakistan Ltd (BYCO -6.62 percent) posting significant losses.
Meanwhile, according to a PSX notification, Agha Steel Industries Limited will start trading from Monday (November 2) with an opening price of Rs32 per share. NCCPL has assigned ‘AGHA’ to the company as a security symbol.
Also, GlaxoSmithKline (Pakistan) Ltd (GLAXO -3.68 percent), in a notification to the exchange, announced its intention to dispose of its “old & inactive warehouses” situated in six different locations across the country with a total carrying value of Rs83 million.
On the financial side, Ghandhara twins — Ghandhara Nissan Ltd (GHNL -7.38pc) and Ghandhara Industries Ltd (GHNI -6.76pc) announced earnings per share of Rs0.04 and Rs3.37 for 1QFY21 (Rs0.27 and Rs0.32 last year); Fatima Fertilizer Company Ltd (FATIMA -7.27pc) declared an EPS of Rs1.14 for 3QFY20 (Rs1.03 in 3QFY19); while Oil and Gas Development Company Ltd (OGDC -2.59pc) posted an EPS of Rs5.45 for 1QFY21 (Rs6.35 last year).
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