Daily The Business

PSX falls flat after volatile session

KARACHI: The Pakistan Stock Exchange (PSX) managed to close a volatile trading session on Thursday in the green zone. The indices that opened positively reversed the gains by midday but managed to recover losses by the end.

Foreign investors ended as net sellers on Wednesday with a net outflow of $4.65 million.

On the economic front, the National Economic Council (NEC) approved a consolidated national development programme for the next fiscal year, predicting Rs1.83 trillion investments and 4pc economic growth. Meanwhile, Rs925 billion were approved for federal Public Sector Development Programme (PSDP) and Rs912 billion for provincial annual development plans (ADPs).

Gathering 577.35 points, the KSE-100 index benchmark reached its day’s high of 36,536.78. It then changed its path to touch an intraday low of 35,655.25 after losing 304.18 points. The index finally closed slightly positive at 35,974.79 (+15.36 points). The KMI 30 Index lost 102.42 points to close at 58,233.69, while the KSE All Share Index managed to capture 58.47 points to settle at 26,155.49 points.

The overall trading volumes improved from 182.21 million in the last session to 199.13 million. The Bank of Punjab (BOP -0.36pc) led the volume chart after it declared financial results for the first quarter of FY19. The company’s revenue increased by 64pc YoY, while its earnings per share improved from Rs0.73 in the same period last year to Rs0.74 in the current period.

In a notification sent by the exchange, Ghandhara Nissan Limited (GHNL -2.05pc) announced the progress on its brownfield project. The procurement of plant and machinery is in the finalisation phase, whereas the technical evaluation of local suppliers has been completed.

Trading at the exchange shall remain suspended on Friday (May 31) on account of Jumatul Wida.

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