PSX Index sheds 237 points on selling pressure

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KARACHI: KSE-100 index started on a positive note as the index made an intraday high of +65 points but soon lost ground on evident profit taking leading to a loss of -335 points, closing down -237 points at the 40,522 level.

The KSE-100 Index was under pressure ahead of upcoming budgetary measures, which are expected to be announced in a parliamentary session on Friday. Apart from fears of a cut in Public Sector Development Programme (PSDP), there were also fears that detrimental measures to increase tax will be introduced, said an equity analyst at IIS Securities.

Volumes remained subdued as 137 million shares changed hands during the day. UNITY foods losing 2.07 percent led volumes with more than 14 million shares traded. Banking and cement sector lead the decline in the market as index heavy-weights United Bank Limited (UBL) losing 1.50 percent, MCB losing 0.545 percent, DG Khan Cement losing 3.77 percent, Lucky Cement losing 2.49 percent, and Maple Leaf Cement (MLCF) losing 0.93 percent cumulatively contributed -93 points to the index.

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Also Read: In a tumultuous week, KSE-100 loses another 887 points

Crude oil prices edged higher to US$69.77/bbl in international market with Pakistan Petroleum Limited (PPL) gaining 1.64 percent, Oil Gas Development Company Limited (OGDC) gaining 0.20 percent and Pakistan Oil Fields (POL) gaining 1.32 percent being the major movers of the sector.

Aisha Steels Mills Limited (ASTL) from the steel sector lost 4.66 percent following the announcement of its FY18 result, where the company declared an EPS of Rs5.34 and a per share cash payout of Rs2.20.

Millat Tractors Limited (MTL) from the auto sector lost 4.66 percent following the announcement of its FY18 result, posting an EPS of Rs120.43 and cash dividend of Rs60 per share.

The advance to decline ratio in the broader market remained in the favor of bears; 99:201 and 21 scrips unchanged.

(This news/article originally appeared in Daily Times on September 13th, 2018)

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